Transfer Pricing Documentation: Online Company/Business Data on SSM Website

The President of CTIM led a delegation of Council members on a courtesy visit-cum-meeting to the Companies Commission of Malaysia (Suruhanjaya Syarikat Malaysia – SSM) recently. A key objective of the meeting is to enable collaboration between the two parties.

The following key issues were discussed:

· Accessibility of company and business information for purposes of benchmarking, e.g. in connection with transfer pricing documentation; and

· The registration of a professional LLP.

CTIM would like to inform members that SSM offers the following website services to the public:

· SSM e-Info Services, an alternative to “over-the-counter” transactions for the search and purchase of company and business information online; and

· Electronic Company and Business Information Data (e-CBID), which provides data and statistics in three segmentations: demographic, geographic and financial.

Members who wish to get company and business information, for purposes such as benchmarking in connection with Transfer Pricing Documentation, may access these websites.

CTIM has proposed that “tax professional” be included under Schedule 1 of the LLP Act, and that the Institute be recognised as the professional body that issues the “approval letter” for purposes of application for a professional LLP.

Please be guided accordingly.

CTIM’s Memorandum on Capital Market Industry

We are pleased to inform that the Institute has recently submitted a Memorandum on Capital Market Industry to the Securities Commissions of Malaysia. Members may view the Memorandum at the Institute’s website.

UNAUTHORISED REQUEST FOR MEMBERS’ INFORMATION BY “CENTRE FOR TAX EXCELLENCE”

Members of the Institute are advised that the request for members’ information by the Centre for Tax Excellence is not authorised and is not in any way connected to the Institute.

The Institute regards the Members’ Database as highly confidential and will not disclose any members’ information to third parties.

Please be advised accordingly if you had received any such request

Amendment Return Forms BE, B, BT, M, MT, TP & TF (PDF Formats)

Please be informed that the Inland Revenue Board (IRB) has uploaded the amendment Return Forms BE, B, BT, M, MT TP and TF (in PDF format) to the website. Taxpayers and tax agents may download and print the amendment return forms.

Members may view the Amendment Return Forms at the IRB website.

IRB Audit Framework 2013

Please be informed that the Inland Revenue Board (IRB) has uploaded the IRB Audit Framework 2013 which is effective from 1 April 2013. The Audit Framework consists of 3 Parts:

- Part I: Tax Audit Framework

- Part II: Petroleum Audit Framework

- Part III: Transfer Pricing Framework

Members may view the IRB Audit Framework 2013 on the websites of the Institute and the IRB.

Goods and Service Tax (GST) Guides

Please be informed that the Royal Malaysian Customs (RMC) has recently issued the following:-

1) GST Guide on Hire Purchase and Credit Sale; and

2) GST Guide on Leasing

We would be pleased if you could let us have your feedback and/or any concern in writing to technical@ctim.org.my as soon as possible, so that we may raise it to the Customs.

Members may view the Guides on the Institute website or the official website of Malaysia Goods and Service Tax (GST).