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Service Transactions under Singapore Transfer Pricing Regulations: Key Considerations for Taxpayers

Transfer Pricing

Transfer pricing regulations by the Organisation for Economic Cooperation and Development (OECD) and Singapore have specific provisions to talk about intercompany service transactions. This article delves into what Singapore taxpayers need to know about service transactions under these regulations and highlights typical mistakes businesses may make.

My Hanh Tran

| 8 min read | 25 Nov 2024

Key transfer pricing guidance on Pillar 1 - Amount B and what businesses should know

Transfer Pricing

OECD has released key transfer pricing guidance on Pillar 1 - Amount B report. With the evolving global tax landscape, it is vital for business to understand these initiatives to take appropriate actions to strengthen tax governance and mitigate tax risks.

Alex Yam

| 6 min read | 16 Apr 2024

Key changes announced for individuals

Budget 2023

Following the announcement of Budget 2023, we discuss the outcomes and tax changes announced in this year’s Budget that affect individuals.

14 Feb 2023

Key changes announced for businesses

Budget 2023

Following the announcement of Budget 2023, we discuss the outcomes and tax changes announced in this year’s Budget that affect businesses.

14 Feb 2023

Key changes announced for philanthropy, property and vehicles

Budget 2023

Following the announcement of Budget 2023, we discuss the outcomes and tax changes announced in this year’s Budget.

14 Feb 2023

Tax Risk Management & Control Framework for Corporate Income Tax

Corporate Tax

The Tax Risk Management & Control Framework for Corporate Income Tax, also known as CTRM, is meant for companies to voluntarily review their internal controls and risk management processes.

Eng Min Lor

| 4 min read | 25 Jul 2022

Tax Governance Framework (TGF)

Tax

On 17 February 2022, the IRAS introduced the Tax Governance Framework ("TGF"), alongside the Tax Risk Management & Control Framework for Corporate Income Tax (“CTRM”) for companies to demonstrate their good tax governance policy for corporate income tax, GST and withholding taxes. It is a voluntary compliance initiative that a company may participate in to demonstrate that it has good tax governance and tax risks management

Eng Min Lor

| 3 min read | 25 Jul 2022

The meaning of life, tax and the digital universe - an APAC perspective

Digital tokens

Digital tokens, such as cryptocurrencies and NFTs, have established themselves as a new asset class in less than a decade. In this webinar, a panel of Grant Thornton tax Partners from Singapore, Australia, Hong Kong and India will discuss the impact digital tokens are having on tax (and vice versa) in their jurisdictions, and try to help decode some of the fundamental tax and accounting issues for players operating in this new universe.

28 Jun 2022

Stricter criteria for family offices applying for tax incentives 13O and 13U

Funds

The Monetary Authority of Singapore (MAS) announced that single family offices will have to meet stricter criteria in order to qualify for the tax exemptions under sections 13O and 13U of the Income Tax Act (ITA). These new criteria will take effect for applications received from 18 April 2022 onwards.

8 min read | 22 Apr 2022

The Complementarity Assessment Framework (COMPASS)

Global mobility

Singapore will be implementing a points-based evaluation system for Employment Pass (EP) applications starting from September 2023 under the new Complementarity Assessment Framework (Compass) which assesses applicant- and employer-based criteria such as salary, qualifications, diversity and support for local employment.

Adrian Sham

| 3 min read | 11 Mar 2022

Webinar: Singapore Budget 2022 and Beyond

Webinar

Following the announcement of Budget 2022, our experts discuss the outcomes and tax changes announced in this year’s Budget and look beyond Budget 2022.

22 Feb 2022

How Singapore could respond to the Pillar Two model rules for domestic implementation of 15% global minimum tax

Tax

In this article, we summarise Pillar Two model rules that were released by the Organisation for Economic Co-operation and Development (OECD) on 20 December 2021. This is a continuation of the detailed implementation plan under the two-pillar solution to address the tax challenges arising from the digitalisation of the global economy in October 2021. We discuss how the rules may impact Singapore.

6 min read | 25 Jan 2022

Events

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Singapore Budget 2024 and Beyond Seminar

Event
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GST rate change: Preparing for the increase on 1 January 2024

Event
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Navigating corporate tax complexities before the year-end

Event
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GST Beyond The Essentials: Avoid the confusion around recharges of expenses

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GST Beyond The Essentials: Avoid the risks in your GST reporting

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Reactionary comments on the Singapore Budget 2025 from Grant Thornton

18 Feb 2025

Off the back of the Singapore Budget announcement by Finance Minister and Prime Minister Mr Lawrence Wong on 18 February 2025, experts from Grant Thornton Singapore share their thoughts.