Transfer Pricing Alert: Singapore Adheres To Internationally Agreed Documentation Standards

Introduction

In February of this year, the OECD agreed on a new framework for the implementation of the BEPS Project and invited all interested countries to join as Associates to develop international standards related to BEPS and to review and monitor the implementation of the whole BEPS package. Every country that participates in the framework as a BEPS Associate will be on an equal footing with the OECD and G20 countries in the OECD's Committee on Fiscal Affairs in reviewing and monitoring the implementation of the BEPS measures.

The OECD also stated that the framework's mandate will focus on the review of the implementation of the four BEPS minimum standards, in the areas of harmful tax practices, tax treaty abuse, Country-by-Country Reporting and improvements in cross-border tax dispute resolution.