If you operate in Singapore, you need to know that 2019 is the
first year of mandatory transfer pricing documentation in that
country. Failure to comply with the requirement can lead to
significant penalties and additional taxes.
As I mentioned in a previous
post, the Inland Revenue Authority of Singapore (IRAS) updated
its transfer pricing guidelines in 2015 to include documentation
requirements supporting arm's-length pricing, which is common
in advanced economies. In 2017, the IRAS clarified its transfer
pricing guidelines related to service companies. This post
addresses recent additional changes and provides a brief overeview
of transfer pricing concepts.
Transfer pricing basics
