What is the significance of this New Section 113B on Transfer Pricing?
Penalties for NonCOMPLIANCE WITH TRANSFER PRICING DOCUMENTATION
This New section provides the legality to impose penalty of RM 20,000 to RM 100,000 and / or Imprisonment of up to six month for failure to furnish transfer pricing documentation.
This section makes transfer pricing so important effective from 1 January 2021.