Malaysia published the Income Tax (Transfer Pricing) Rules 2023 in the Official Gazette on 29 May 2023, which replace the Income Tax (Transfer Pricing) Rules 2012. As compared to the 2012 rules, the 2023 Rules have been updated considering OECD guidelines, especially in relation to the contemporaneous transfer pricing documentation requirements (Rule 4). Rule 4 provides that a person who enters into a controlled transaction must prepare contemporaneous transfer pricing documentation prior to the due date for furnishing a return in the basis period for a year of assessment in which a controlled transaction is entered into. The contemporaneous transfer...