IRAS released COVID-19 support measures and tax guidance for transfer pricing and has responded to certain TP questions asked by taxpayers.
On 7 September 2020, the Inland Revenue Authority of Singapore (IRAS) released COVID-19 support measures and tax guidance for transfer pricing (TP).
The ongoing COVID-19 pandemic has caused significant disruption to people movements, supply chains and business operations, with huge and sometimes devastating financial impact on many companies.
Many businesses have sought clarity on various tax aspects arising from the impact of COVID-19 on their operations. In the latest release, the IRAS has responded to certain TP questions commonly asked by taxpayers who are dealing with the daily disruption caused by COVID-19.
