The Inland Revenue Authority of Singapore (IRAS) has published an updated consolidated e-Tax Guide on the country's transfer pricing regime.
The e-Tax Guide, which was released on January 6, 2015, is divided into three main parts. Part I of the Guide provides background on the treatment of related-party transactions and transfer pricing documentation requirements. Part II of the Guide explains IRAS's transfer pricing administration and compliance program. It discusses ways to resolve transfer pricing disputes. It also sets out detailed guidance on securing advance pricing agreements and the mutual agreement procedure. Part III sets out IRAS's position on transfer pricing adjustments.
The Guide includes examples on the application of permitted transfer pricing methodologies and includes templates for advance pricing agreement and mutual administrative procedure applications.
The new second edition of the Guide updates the first edition published in February 2006.