The Inland Revenue Authority of Singapore (“IRAS”) invited comments by 24 September 2014 on its proposed update to Section 4 of the existing Singapore Transfer Pricing Guidelines relating to the transfer pricing documentation, which was first published in 2006.
The statement of the proposed guidelines ahead of the much expected statements by the OECD on transfer pricing related issues, including the Country-by-Country-Reporting initiative. They also suggests that Singapore considers it appropriate and timely to signal its strong endorsement of the OECD’s approach of aligning profits to the place where substance resides and economic value is created.
