Singapore’s tax authority roll out new rules on transfer pricing reporting. Multinationals will have to invest in people and resources to ensure they are compliant.
From the 2018 tax assessment year onward, multi-national companies in Singapore will have to refer to a new set of standards to report related party transactions (RPT), effectively making it more difficult for them to shift profits.
The Inland Revenue Authority of Singapore (IRAS) on November 3 issued a new form for RPT data reporting, requiring companies to report certain details of their RPT activities if the value of transactions in the audited accounts for a financial year exceeds S$15 million ($10.8 million).
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