KUALA LUMPUR: The Inland Revenue Board (IRB) is implementing the centralisation and decentralisation of certain categories of taxpayer files in line with the government’s policy on tax treatment for small and medium enterprises (SMEs).
The IRB said the implementation is also to meet the requirements of the Transfer Pricing Guidelines 2012, effective Jan 1,2021.
“It is also carried out to ensure that the taxpayer file management is more organised, efficient and always updated based on current needs, ” it said in a statement.
There are six taxpayer file criteria which involve taxpayer files of companies in Peninsular Malaysia with actual turnover of at least RM50mil per year and taxpayer files of companies listed on Bursa Malaysia and Federal Government-linked companies from all IRB branches in Peninsular Malaysia.
In addition, it involves taxpayer files of companies which have transactions with related companies outside Malaysia based on certain threshold and taxpayer files of companies related to the upstream or downstream petroleum industry, insurance or takaful, and financial activities (excluding financial institutions headquartered in Sabah and Sarawak).
Next, it also involves individual taxpayers (OG and SG) files, including High-Profiled Individuals (IBT) from CPCB as well as taxpayer files using zip codes 47100 to 47190 (Kinrara and Puchong) which are currently managed by the IRB Petaling Jaya branch.
Source: https://www.thestar.com.my/business/business-news/2021/01/14/irb-centralises-decentralises-categories-of-files