Welcome to the January 2017 issue of Tax Newsbites. This publication aims to share bite-sized information and updates from Singapore and around the region.
Some of the updates in the period 1 December 2016 to 13 January 2017 include:
Singapore and India have concluded a protocol to amend the tax treaty.
The Income Tax (Amendment No. 3) Act 2016 was published on 29 December 2016.
The Inland Revenue Authority of Singapore (IRAS) issued a revised circular on "Transfer Pricing Guidelines (Fourth edition)", which included a safe harbour margin which taxpayers can apply to each related party loan not exceeding S$15 million.
The Indonesian Minister of Finance issued regulations on new Transfer Pricing Documentation requirements effective since 30 December 2016.
Malaysia's Income Tax Act has been amended to add country-by-country reporting rules, effective from 1 January 2017.