Global FS Tax NewsFlash

July 2015

Bracing for Singapore’s Transfer Pricing Storm – Are you ready for the looming 30 November timeline?

Seven months have passed since the Inland Revenue Authority of Singapore (IRAS) issued the second edition of the Transfer Pricing Guidelines (“revised TP Guidelines”) on 6 January 2015.

Here's a quick recap of the revised TP Guidelines which provide more comprehensive guidance on Singapore’s transfer pricing requirements. In particular, the IRAS has made clear its expectation for corporate groups to prepare and maintain contemporaneous TP documentation to support the arm’s length nature of the pricing policies for transactions between their group entities.