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In Asia-Pacific

Malaysia: Penalty for failure to furnish transfer pricing documentation

by and 4 Mins Read

The Malaysian Finance Act 2020 introduced, among others, several legislative changes to the Malaysian Income Tax Act 1967 (ITA) in respect of transfer pricing. Notably, a penalty provision was introduced. Effective 1 January 2021, taxpayers (where applicable) who fail to furnish transfer pricing documentation (TPD) upon the Malaysian Inland Revenue Board’s (MIRB’s) request will be subject to a fine ranging from RM 20,000 to RM 100,000 and / or imprisonment.

Consistent with this, the MIRB has also revised the Transfer Pricing Guidelines 2012 to reduce the time given to taxpayers to furnish their TPD from 30 days to 14 days.

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In Asia-Pacific

Malaysia: The Regional Comprehensive Economic Partnership (RCEP) – a special focus on e-commerce

by and 3 Mins Read

After almost a decade of negotiations, the Regional Comprehensive Economic Partnership (RCEP) Agreement was signed on 15 November 2020 by 10 ASEAN member states, along with Australia, China, Japan, New Zealand and South Korea.

The RCEP is the largest regional free trade agreement outside the WTO, and its member states account for approximately 30% of the world’s gross domestic product (USD 26.3 trillion) and 30% of the world’s population (2.3 billion). Its overarching aim is to establish a modern, comprehensive and mutually beneficial economic partnership that brings together countries with diverse levels of development, fuels regional value chains and promotes international trade and investment.

The agreement comprises 20 chapters with specific provisions covering, amongst other things, e-commerce, trade in goods, trade in services, investment, competition and intellectual property. In this Client Alert, we summarize the key highlights of the e-commerce chapter of the RCEP Agreement.

In Asia-Pacific

International: Fintech Legal Accelerator: Cracking the Legal Code

by , , , , , , and 1 Min Read

In this recording of our introductory workshop, Baker McKenzie FinTech Legal Accelerator: Cracking the Legal Code, held as part of the Hong Kong FinTech Week 2020, our lawyers across Asia Pacific give an overview of key fintech issues that start-ups or scale-ups need to know as they grow and expand…

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In Asia-Pacific

Malaysia: Impact of COVID-19 on Advance Pricing Arrangements in Malaysia

by and 3 Mins Read

The pandemic-afflicted economic distress has given rise to significant uncertainty and potentially an increase in tax audits. Malaysia has had advance pricing arrangement (“APA”) rules since 2012. APAs provide certainty in terms of transfer pricing risk management on a prospective basis.

Recently, the Malaysian Inland Revenue Board (“MIRB”) has issued a set of guidance in the form of frequently asked questions (“FAQ”) with respect to the treatment of APAs in the COVID-19 pandemic landscape. We are pleased to share the key takeaways from the FAQ on APA Treatment below.

In AML & Financial Services Regulatory

Asia Pacific Insurance Newsletter October 2020

by and 2 Mins Read

Read publication Welcome to the 20th edition of the Asia Pacific Insurance Newsletter. This edition covers insights, pertinent insurance-specific legal issues and significant regulatory developments in Australia, China/Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, Taiwan and Vietnam. If you missed earlier editions of this newsletter, you can access our newsletter…

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In Anti-Corruption

Malaysia: Extra Territorial Effect of New Corporate Liability for Corruption Offences

by and 3 Mins Read

The new corporate liability provision under Section 17A of the Malaysian Anti-Corruption Commission Act 2009 (“Section 17A”) has come into force on 1 June 2020. As highlighted in our earlier client alert (see Link), a company may be held criminally liable under this new provision for acts of bribery committed by its directors, employees or other associated persons.  The only defence available is for the company to prove that it has put in place adequate procedures designed to prevent these corrupt acts.

This new corporate liability provision applies not only to Malaysian companies, but also to foreign companies with businesses in Malaysia.

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