This alert covers key aspects of the Country-by-Country Reporting regulations, TP documentation rules and revised TP guidelines.
On 5 February 2018, the Income Tax (International Tax Compliance Agreements) (Country-by-Country Reporting) Regulations 2018 (CbCR Regulations) under the Income Tax Act (ITA) was published in the Singapore Government Gazette.
On 22 February 2018, the Income Tax (Transfer Pricing Documentation) Rules 2018 (TPD Rules) under the ITA was also published in the Singapore Government Gazette. The TPD Rules are effective from 23 February 2018 and apply for the basis period for the Year of Assessment (YA) 2019 and every subsequent YA.
In addition, on 23 February 2018, the Inland Revenue Authority of Singapore (IRAS) released the fifth edition of the Singapore transfer pricing guidelines (2018 Singapore TP Guidelines). The changes include incorporating the TPD Rules into the guidelines and providing examples and explanations on some of the aspects of the TPD Rules.
