The Introduction of Income Tax (Transfer Pricing) Rules 2023

The PUA has effect for the year of assessment 2023 and subsequent years of assessment and shall apply to a controlled transaction mentioned under subsection 140A(2) of the Income Tax Act 1967.

For the purposes of determination and application of arm's length price, a person shall determine and apply the arm's length price for the acquisition or supply of property or services in accordance with the manner provided in the PUA.