The Inland Revenue Board of Malaysia (IRBM) updated its transfer pricing guidelines on 2 February 2021, including new guidance on documentation and penalties in sections 11.2 and 11.3, respectively. With respect to transfer pricing documentation, it is provided that documentation should be made available within 14 days of a request by the IRBM (reduced from 30 days). This change applies to transfer pricing audit cases that have commenced on or after 1 January 2021. With respect to penalties,…