In May 2023, Malaysia took a significant step towards fortifying its tax system with the introduction of the Income Tax (Transfer Pricing) Rules 2023 (TP Rules 2023).
Amidst a backdrop of other tax reforms such as the introduction of e-invoicing and the Capital Gains Tax, changes to the transfer pricing regime in Malaysia through the introduction of the TP Rules 2023 has tightened compliance surrounding how transactions with related parties should be addressed.
