On or about 23 Jul 2021, the Ministry of Finance (MOF) has released the Income Tax (Transfer Pricing Documentation) (Amendment) Rules 2021 and come into operation on 29 July 2021. It update the list of routine support services exempted from the requirement to prepare transfer pricing documentation.
From 29 July 2021, the following services are considered routine support services:
- Procurement: Credit control checking and processing
- Legal services: Carrying out any of the following activities by an in-house legal counsel:
- drafting and reviewing contracts, agreements and other legal documents
- performing legal research
- Bank account: Compiling employees’ data to comply with tax requirements
- Management reporting: Compiling data for management purposes.
Source: The Electronic Gazette, 29 July 2021