Categories: SpeechesPublished On: 26/05/2022
  1. Good morning and welcome to the Virtual Transfer Pricing Conference 2022.
  2. As the regulator and developer of the accountancy profession, MIA is committed to upskilling our tax practitioners to ensure competency, in order to support regulatory compliance, good governance and sustainable nation building.
  3. Today, local, and global tax legislations are becoming more complex. Hence, it is becoming increasingly challenging to comply with the latest transfer pricing (TP) regulations.
  4. To support your professional needs, this Conference is designed to update you on the latest TP developments and the proper measures you should take to ensure compliance with the TP rules at all times.
  5. I want to stress here that your TP policies and mechanism, including all other changes, must be supported with proper documentation and evidence to meet regulatory scrutiny.
  6. Today, on behalf of MIA, I am delighted to welcome our expert speakers, including representatives from the Inland Revenue Board (IRB) and leading tax practitioners to update you on the stricter TP regulations and their implications, specifically Section 113B and Section 140A(3C) of the Income Tax Act 1967 (ITA 1967). Thank you to all our speakers for joining us.
  7. Ladies and gentlemen, we have a packed programme today as MIA is committed to delivering great value through our CPE courses.
  8. The morning sessions will provide a refresher on the principles of TP as stated under the gazetted TP Rules 2012 and TP Guidelines 2012 issued by the Inland Revenue Board (IRB). You will be guided on two key aspects:
  • one, applying the right TP methodology consistently to minimise the imposition of substantial penalty by the IRB, due to the potential pricing adjustments that may be made by the IRB.
  • two, the importance of regularly reviewing the preparation and maintenance of TP documentation, to support your organisation’s TP methodology and pricing in the event of a dreaded TP audit.
  1. Then in the afternoon, we will move on to cover TP strategies that can be adopted to mitigate exposure in the event of an IRB audit and investigation. This will provide three key benefits:
    • one, you will understand the IRB’s perspectives and latest practices on TP
    • two, you can identify the shortcomings in your TP processes and work to ensure that your current TP documentation complies with the latest TP rules; and
    • three, you will know how to respond in the event of a TP dispute to mitigate your exposure.
  2. Finally, we cannot have a TP Conference without discussing the prospective implications of BEPS 2.0, with a focus on Pillar Two, otherwise commonly known as the Global Minimum Tax proposal. This session will assist you in planning agile corporate tax policy, that is flexible to accommodate the legislation changes to be introduced locally in a BEPS 2.0 environment.
  3. Ladies and gentlemen, in ending, MIA would like to thank our Gold sponsor – Kroll and supporting partners for collaborating on this Conference.
  4. I would also like to thank all our participants for selecting this Conference for your professional development needs. Have a good day and I wish you all a productive Conference.