On 3 August 2022, the Inland Revenue Authority of Singapore (IRAS) updated the GST-E Tax Guide on Transfer Pricing Adjustments (Third Edition). The e-Tax guide explains the GST treatment for adjustments on the transfer prices of transactions between related parties and is relevant when taxpayers have TP adjustments made to their transactions with related parties. The updated version of the e-Tax Guide includes the following changes:
- Revised paragraph 5.1 to extend the administrative concession for taxable goods imported under an import GST suspension scheme;
- Tax exemptions in the case of qualifications under administrative concessions;
- A clarification for the non-payment of additional taxes to Singapore Customs, and conditions when adjustments to the GST return would still be required;
- The tax obligations under the Import GST Deferment Scheme (IGDS);
- Changes to the reverse charge regime to include imported low-value goods; and
- Other editorial amendments.
