Mandatory ‘Section 34F Transfer Pricing Documentation’ applicable from Year of Assessment (YA) 2019 based on certain conditions. Penalty introduced for non-compliance.
Transfer Pricing Regime in Singapore – Beginning of a New ChapterWhat is in it for the businesses
- * Transfer Pricing policies to be in place
- * Related party transactions to be recorded accurately
- * Arm’s length principle to be followed for related party transactions
- * Back-up evidence/ documents to support adherence to arm’s length principle
- * Transfer Pricing documentation to be prepared and maintained on a contemporaneous basis by the due date
- * Reporting of related party transactions in the prescribed form
- * The possibility of an enquiry from the IRAS regarding related party transactions
Read more about Singapore Transfer Pricing at InCorp Global.
