On 10 August 2021, the Inland Revenue Authority of Singapore (“IRAS”) issued the 6th (and latest) edition of its Transfer Pricing guidelines. Some of the key changes introduced by the IRAS are in line with the changes introduced by the Organisation for Economic Co-operation and Development (“OECD”) as part of the Base Erosion and Profit Shifting (BEPS) Action Plans, so as to ensure consistency with the global tax arena.
The guidelines also reinforce IRAS’ commitment to the arm’s length principle, transfer pricing documentation, and assisting Singapore taxpayers on dispute resolution and prevention avenues. In addition, the IRAS has also provided clarity on a range of topics that are highly relevant to Singapore taxpayers, e.g., Frequently Asked Questions (“FAQs”) on Transfer Pricing Documentation.
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Dr. Sowmya Varadharajan
Having been trained in the U.S. on international tax and transfer pricing issues through blue-chip corporations, Dr. Sowmya now applies her transfer pricing training to transfer pricing issues in the Asia-Pacific region. With the growth in transfer pricing-related audits in the Asia-Pacific region, Sowmya has assisted clients in India, China, Malaysia, Indonesia and Singapore in defending their transfer pricing arrangements with tax authorities.
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