Singapore

Tax updates

Are you fully compliant with transfer pricing documentation requirements?

2 August 2019
Taxpayers that meet the required conditions are reminded to prepare mandatory transfer pricing documentation for their financial year ended 2018, and would be liable to a fine not exceeding S$10,000 for each case of non-compliance.
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GST pain points for shipping

3 January 2019
Considering the voluminous transactions, varying shipping arrangements, counterparties involved and continuously evolving business climate, GST-registered shipping businesses that manage GST risk on a broad level could face a mismatch in expectations against that of the GST authorities.
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How GST on imported services will impact F&B, retail and consumer products businesses

13 April 2018
Find out what are the key areas that F&B, retail and consumer products businesses need to review to ensure they continue to remain compliant once the new GST rule takes effect.
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IRAS strengthens Singapore transfer pricing regime and introduces penalties for non-compliance

1 March 2018
Singapore's reinforced TP regime includes clarifications on the arm’s length principle, expanded TP documentation requirements, and new powers of the Comptroller of Income Tax to impose surcharges and penalties for TP non-compliance.
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MOF releases draft bill on mandatory transfer pricing documentation and penalty regime

1 August 2017
The Ministry of Finance ("MOF") released the draft Income Tax (Amendment) Bill 2017 ("Draft Bill") on 19 June 2017 for public consultation.
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Important reminders before PIC scheme lapses

16 June 2017
Only a few months remain for businesses (with financial year ends from June 2017 until December 2017) to enjoy tax savings under the Productivity Innovation Credit (“PIC”) Scheme.
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BEPS developments in Singapore

15 June 2017
As a BEPS Associate, Singapore is working alongside other jurisdictions to help develop the implementation and monitoring phase of the BEPS Project. Singapore is committed to implementing the four minimum standards under the BEPS Project...
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IRAS introduces fourth edition of transfer pricing guidelines

5 January 2017
On 12 January 2017, Inland Revenue Authority of Singapore introduced the Fourth Edition of its Transfer Pricing Guidelines.
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New form for reporting related party transactions

4 August 2016
In an effort to further ensure that taxpayers comply with transfer pricing documentation and the arm's length pricing requirements in relation to their related party transactions (“RPT”), Inland Revenue Authority of Singapore (“IRAS”) has just introduced a new Form for Reporting RPT (“RPT Form”) for companies to take effect from Year of Assessment 2018, i.e.
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Not only huge multinationals affected by base erosion and profit shifting: RSM survey

4 August 2016
Seventy two per cent of middle market businesses that operate internationally expect to pay more taxes as a result of the OECD’s BEPS Action Plan due to uncertainties over how the rules will be implemented, according to an RSM survey.
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The Indonesia tax amnesty law

3 August 2016
After much delay, the Tax Amnesty Draft Law (comprising 13 chapters and 25 articles) was passed by Indonesia’s House of Representatives on 28 June 2016.
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IRAS releases third edition of transfer pricing guidelines

4 January 2016
On 4 January 2016, Inland Revenue Authority of Singapore released the Third Edition of its Transfer Pricing Guidelines.
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IRAS releases second edition of transfer pricing guidelines

18 May 2015
On 6 January 2015, the Inland Revenue Authority of Singapore (“IRAS”) released the Second Edition of its Transfer Pricing (“TP”) Guidelines, which consolidates previous TP circulars and guidance issued by IRAS.
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