The emergence of new regulations brings forth new legal issues, and Mr. Gan Ping Sieu, Senior Partner at Gan & Zul, continues to maintain a passion for learning. He attended a course on the new regulations regarding "Transfer Pricing" presented by the law firm's partner and Senior Lecturer, Alysia Lee, along with former Tax Director, Karen Koh.

During the course, it was emphasized that any market transactions and service charges among groups, subsidiaries, and related companies, known as "Related Parties Transactions," would face potential taxation and penalties from the national tax authority if they violate the "Arm's Length Principle," which dictates fair pricing for such transactions.

Failure to prepare a "Transfer Pricing Documentation" report before tax filing, and inability to submit it within 14 days upon request for audit by the tax authority, can also result in taxation and penalties.

Learning is a continuous journey, and staying updated on new regulatory developments is our essential practice to provide the most suitable services to our clients.