Singapore Taxpayers Must Be Proactive on Transfer Pricing Rules
The Inland Revenue Authority of Singapore (IRAS) published the seventh edition of its Transfer Pricing Guidelines in June, reflecting legislative changes to transfer pricing documentation and expanding existing guidance on transfer pricing.
The changes show that IRAS is continuing its focus and scrutiny on transfer pricing compliance. Taxpayers should note the stronger position taken by IRAS in transfer pricing audits and take proactive steps to comply with transfer pricing requirements, ensure they are cooperative during the transfer pricing audit, and have good compliance records. This will increase their chances for a partial or full remission of any transfer pricing surcharge arising from an audit.
Taxpayers should also take advantage of the new measures introduced by IRAS to reduce compliance burdens, such as allowing higher thresholds for aggregated related party transactions.
Learn more about these new measures, in this article written by Crowe Singapore's Senior Partner and Head of Tax, Sivakumar Saravan, and published by Bloomberg Tax.
