With effect from the Year of Assessment 2019, the preparation of contemporaneous Transfer Pricing Documentation (TPD) has become mandatory in Singapore. In addition, TPD needs to take into account the other changes legislated by the Income Tax (Amendment) Act 2017, such as the revised definition of the arm’s length standard. Failure to prepare robust transfer pricing documentation and analysis can result in a penalty of S$10,000, as well as a surcharge of 5% of the tax adjustment. These changes reflect the Inland Revenue Authority of Singapore’s firm intent on enforcing its new TPD requirements.
To provide businesses with greater clarity on these new statutory requirements and a framework for managing your transfer pricing documentation process, as well as the increasing instances of transfer pricing audits, Crowe Singapore organized a complimentary seminar on Friday 5 July 2019 at the NTUC Centre, led by our Director for TP Services, Dr Sowmya Varadharajan.
Some of the topics covered were as follows: