- the new explicit requirement that taxpayers prepare and maintain transfer pricing documention to substantiate that their related party transactions are at arm's length
- the concept of contemporaneous documentation.
Together with other changes, the revised guidelines represent a new milestone in Singapore's transfer pricing regime. It also reflects IRAS' continued commitment to ensure taxpayers maintain proper transfer pricing documentation and comply with the arm's length principle.
Meanwhile, the global community continues to weigh in on transfer pricing, with the Organisation for Economic Co-operation and Development (OECD) leading the way. For instance, in June, the OECD released the Country-by-Country Reporting Implementation Package to help facilitate the implementation of the latest transfer pricing standards.
Wolters Kluwer has launched a new book, Transfer Pricing in Singapore, to tackle transfer pricing which is available now!
This book zeroes in on all the compliance requirements and application of the arm's length principle, while also discussing ongoing developments globally such as the BEPS initiative. It was written to guide corporate professionals in navigating the complexities of managing corporate transfer pricing.
Our author is Dr Sowmya Varadharajan, an economist with more than 14 years of transfer pricing consulting experience. She is a Director at IC Advisors Pte Ltd. a firm that helps companies design and document appropriate transfer pricing strategies and approaches for their relevant transactions.
Get your copy of Transfer Pricing in Singapore from us now!
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