Transfer Pricing - Singapore

The Singapore TP Guidelines apply to all related-party transactions of goods, services and intangible properties. They also apply to both legal entities and taxable entities, such as permanent establishments (PEs) of foreign companies in Singapore. Related-party transactions between entities that are both in Singapore are within the scope of the guidelines as well. However, there are safe harbour thresholds for exemption to prepare transfer pricing documentation where the taxpayer transacts with a related-party in Singapore and such local transactions (excluding related-party loans) are subject to the same Singapore tax rates for both parties.


The TP legislation will, inter alia, formalize the existing transfer pricing requirements. The requirements to prepare the documentation no later than the filing deadline of the tax return and to submit the documentation to IRAS within 30 days of a request by IRAS are also affirmed and codified in the new legislation. The new TP legislation also specifically requires taxpayers to retain the documentation for 5 years. As announced by IRAS on 16 June 2016, Singapore is a party to the Inclusive Framework for the global implementation of the BEPS Project as proposed by the OECD and endorsed by G20 in February 2016.

Transfer Pricing in Singapore

The new section 34F introduced in the ITA requires the preparation and maintenance of contemporaneous and adequate TPD with effect from YA 2019 (i.e. the financial year ending 2018). This is referred to by the revised Singapore TP Guidelines as “TPD under Section 34F”.

It is important to note that even before the enactment of section 34F, mandatory TPD was already required under section 67 of the ITA and the fourth edition of the Singapore TP Guidelines. This has not changed and continues to apply to TPD required for YAs 2018 (i.e. the financial year ending 2017) and before.

The TPD requirements under the new section 34F are largely similar to those under the current requirements, namely, the requirement to prepare the TPD (including the level and type of information to be documented) no later than the filing deadline of the tax return, the submission of the TPD to IRAS within 30 days of such request, the retention of the TPD for 5 years, all of which were affirmed before but are now codified in the new TP legislation and the Rules. The documentation must be prepared in in English or, if not in English, must be translated into English on the request of the Comptroller.

Not Applicable

Singapore has implemented CbC reporting for Singapore MNE from financial years beginning on or after 1 January 2017. The CbC report must be submitted in English and in accordance with the template provided in the Annex of the CbC Reporting Guidance, which is identical to the CbC reporting template set out in the OECD BEPS Action 13 Final Report.

The ultimate entity of an MNE group will be required to submit a CbC report where:

 – the MNE group is a Singapore MNE group (i.e. the group’s ultimate parent entity is tax resident in Singapore for the financial year in which the CbC report is prepared (the first such year being financial year 2017));

 – the consolidated group revenue in the preceding financial year is at least SGD 1,125 million (approximately EUR 726 million); and

 – the MNE group has subsidiaries or operations (e.g. branches, PEs, etc.) in at least one foreign jurisdiction.

If a Singapore MNE group is required to file a CbC report for a financial year, its ultimate parent entity is required to submit a CbC report to the Comptroller within 12 months from the end of that financial year. As the first CbC reports were required for the financial year ending on 31 December 2017, and a reporting entity had 12 months from the end of that financial year to submit the CbC Report for that financial year, the earliest CbC report required to be submitted to IRAS were due by 31 December 2018 (for a financial year ending on 31 December 2017).

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For further information on transfer pricing please contact:

Gyan Prakash Srivastava [MBA, LL.B.]

Leader - South Asia Practice
17+ years experience in Global Transfer Pricing Documentation, Litigation, BEPS compliance & advisory. During his tenure with PwC & Deloitte he has worked for marquee clients. Gyan specializes in assisting clients in developing cross border business models based on on-ground commercial facts and legal issues.
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