IRAS Releases The 4th Edition Of Transfer Pricing Guidelines

On 12 January 2017, the Inland Revenue Authority of Singapore ('IRAS') released the fourth edition of the Singapore Transfer Pricing Guidelines. The revised guidelines make explicit reference to the Base Erosion and Profit Shifting ("BEPS") Action Plans 8 – 10 Aligning Transfer Pricing Outcomes with Value Creation and Action Plan 13 Transfer Pricing Documentation, thereby demonstrating compliance with international transfer pricing standards.

The continued revision of the Singapore Transfer Pricing Guidelines also highlights the IRAS' focus on transfer pricing analyses and documentation to ensure that Singapore based corporate taxpayers are engaged in related party transactions in a manner compliant with the arm's length standard.