On 31 October 2022, the Inland Revenue Authority of Singapore (IRAS) published the fourth edition of its e-Tax Guide concerning country-by-country (CbC) reporting. The updated guide includes the following main amendments:
- Amended to incorporate the obligations of a Singapore MNE group under Singapore’s notification requirement;
- Inserted a new section on Singapore’s notification requirement;
- Inserted new paragraphs on the preparation of CbC Reports in CbC Report XML Schema format;
- Amended on the submission of CbC reports to IRAS;
- Inserted a new section on penalties for noncompliance; and
- Enhanced the FAQs.
