Nobody thought that complying with the Base Erosion and Profit Shifting (BEPS) transfer pricing analysis and documentation demands would be easy.
The Inland Revenue Authority of Singapore (“IRAS”) released its 5th edition Transfer Pricing Guidelines (“TPG”) on 23 February 2018. The revised TPG provides guidance on the implementation of the transfer pricing (“TP”) related amendments made to the Income Tax Act (“ITA”) on 26 October 2017.
A flurry of sign-ups in the first half of 2016 took the number of countries agreeing to introduce the minimum BEPS standards1, including country-by-country (CbC) reporting, beyond 80.