Key tips to be Transfer Pricing ready in Singapore

Insights • Key tips to be Transfer Pricing ready in Singapore

Key tips to be Transfer Pricing ready in Singapore.

The submission of corporate tax returns dateline in Singapore is around the corner with most companies having to submit their tax return by 30 November 2023.

Here are our key tips to be transfer pricing ready
for tax return lodgements in Singapore.

Understand Transfer Pricing Requirements

Familiarize yourself with Singapore's transfer pricing regulations, particularly the Inland Revenue Authority of Singapore (IRAS) guidelines and the latest updates. Stay informed about any changes to the laws and regulations.

Timely Transfer Pricing Risk Assessment

Assess your company's transfer pricing risks and identify any potential areas of concern that you are unsure if the price is in line with transfer pricing. The ideal time to conduct this risk assessment is before closing the year end to have the option to perform adjustments to the price

Documentation and Compliance

Prepare and maintain proper transfer pricing documentation to demonstrate that your intercompany transactions are conducted at arm's length. In Singapore all transfer pricing needs to be completed by the time the company lodges the tax return i.e. 30 November 2023.

Transfer Pricing Documentation Review

In Singapore Taxpayers are required to review and update your transfer pricing documentation annually to ensure its accuracy and relevance. It is important to document any changes in your business operations, transfer pricing policies, or economic conditions that may impact your transfer pricing arrangements.

Stay Abreast of International Developments

Stay updated on global transfer pricing trends and developments, including updates from organizations like the Organisation for Economic Co-operation and Development (OECD). This will help you align your transfer pricing practices with international standards and best practices.

Proactive Approach

Adopt a proactive approach to transfer pricing compliance. Regularly review your transfer pricing practices, monitor changes in regulations, and address any potential transfer pricing risks before they become significant issues.

How can we help?

Transfer Pricing Solutions is a boutique transfer pricing firm who works directly with your team, applying our experience and expertise in transfer pricing to provide, prepare, document and assist in defending your international related party transactions. Our purpose is to make a difference in the service we provide to our clients by being practical, proactive and cost effective.

19 Nov

2024 Updates on Global Minimum Tax

Global Minimum Tax (GMT) is one of the largest tax reformations as part of the initiative under Pillar 2 of the Base Erosion Profit-Shifting (BEPS) 2.0 project.

Mastering Transfer Pricing in Asia - ISCA

Transfer pricing is a rapidly evolving area of taxation that demands attention from both tax authorities and business leaders.

Understanding the Basics of Global Minimum Tax

This article will provide an overview of what global minimum tax is, why it's important, and how it impacts multinational corporations and the global economy.