KUALA LUMPUR, May 25 — Petronas Penapisan Sdn Bhd — a unit of Petroliam Nasional Bhd – was today granted leave by the High Court to commence judicial review of a RM2.8 billion tax assessment issued by the Inland Revenue Board , which is being closely watched for the court's interpretation of the application of transfer pricing law.
Lawyer S Saravana Kumar from Messrs Rosli Dahlan Saravana Partnership who was appearing for Petronas Penapisan confirmed the decision when contacted byAccording to Saravana Kumar, he said this case is being watched closely by corporations as it is perceived to be the largest transfer pricing dispute in Malaysia and the region.
“The IRB in raising the tax assessment invoked Section 140A of the Income Tax Act 1967, on the basis that Petronas Penapisan’s transactions with its related parties were not at arm’s length,” he was quoted as saying. In his submission, Saravana Kumar said he argued that leave should be granted as the matter is a legal issue revolving around the application of transfer pricing law.
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