On 24 May 2019, the Inland Revenue Service of Singapore (IRS) has published a new transfer pricing (TP) E-Tax guide aimed at helping taxpayers compute the economic value of commodity marketing and trading activities conducted by related parties.
The E-Tax Guide evaluates the economic value of the taxpayers’ commodity marketing and trading activities in Singapore and helps taxpayers to comply with the arm’s length principle and meet the requirements for transfer pricing documentation when engaging in such activities with their related parties. The guidance is also intended for business entities incorporated or registered in Singapore and involved in the business of marketing and/or trading in commodities and is based on the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations.
