Singapore updates transfer pricing guidelines

Singapore’s Inland Revenue Authority (IRAS) on January 4 published the third edition of its transfer pricing guidelines, adding new information on the cost plus method and changing earlier guidelines to reflect Singapore’s enhanced mutual agreement procedure (MAP) and advance pricing agreement (APA) process.

The rules on APA roll back are amended to take into account whether a taxpayer followed the timeline for the APA process.

Also, the guidance clarifies that IRAS is not precluded from auditing taxpayers that initiate MAP or APA applications if there is non-compliance with the Singapore tax law.

See:

• Transfer pricing guidelines