Scaffolding at sunset

Singapore Introduces Mandatory Transfer Pricing Documentation

With effect from the year of assessment 2019, it is mandatory for businesses to prepare transfer pricing documentation if certain conditions are met. A new penalty regime has also been instituted for non-compliance with the TP documentation requirements. 

Scaffolding at sunset

Crowe Singapore reports that an entity will soon be required to prepare transfer pricing documentation if either of the following conditions are met: 

i) The annual gross revenue derived from its trade or business for the basis period concerned exceeds S$10 million dollars; or

ii) It was required to prepare TP documentation under Section 34F of the Act for the immediate preceding basis period concerned.