During these challenging times of the COVID-19 pandemic, the Singapore Government has come forward to support its taxpayers through a roll-out of tax-friendly measures. On its part, the Inland Revenue Authority of Singapore (“IRAS”) has provided certainty to taxpayers on issues arising from dealing with the effects of the pandemic.
Notably, the IRAS provided its guidance on transfer pricing policies and the impact on related party transactions in September 2020, ahead of the Organisation for Economic Cooperation and Development (“OECD”).
The long-awaited “Guidance on the transfer pricing implications of the COVID-19 pandemic” (“the Guidance”) was released by the OECD on 18 December 2020 to a reassuring sigh of relief by taxpayers, and tax administrations. The above Guidance embodies a consolidated, consensual view of the 137 members of the Inclusive Framework on Base Erosion Profit-Shifting (“BEPS”) for the application of the arm’s length principle and the OECD Transfer Pricing Guidelines to issues that may arise or be worsened because of the COVID-19 pandemic.
In this webinar, we will look at how the IRAS’ transfer pricing guidance interplays with that of the OECD.
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