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IRB issues New Transfer Pricing Guidelines 2012 |
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The Inland Revenue Board (IRB) has issued the new New Transfer Pricing Guidelines 2012.
The purpose of the Transfer Pricing Guidelines is to replace the IRB Transfer Pricing Guidelines issued on 2 July 2003, in line with the introduction of transfer pricing legislation in 2009 under section 140A of the Income Tax Act, and the Income Tax (Transfer Pricing) Rules 2012 (hereinafter referred to as the Rules).
The Guidelines are concerned with the application of the law on controlled transactions. They provide guidance for persons involved in transfer pricing arrangements to operate in accordance with the methods and manner as provided in the Rules, as well as comply with administrative requirements of the IRB on the types of records and documentations to maintain.
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| Date of Publication |
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Tuesday, 24 July 2012 |
| Original Title |
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New Transfer Pricing Guidelines 2012 |
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