The Inland Revenue Authority of Singapore (IRAS) announced on 19 December 2016 that the voluntary filings for Singaporean multinational enterprise groups for financial year 2016 will be allowed and this follows the e-tax guide of the Country-by-Country Reporting (CbCR) obligation of the tax resident MNE groups of Singapore which was issued on 10 October 2016.
The MNE groups which fall under the CbCR reporting requirements will now be able to voluntarily file their CbC reports in Singapore although the CbCR requirements is effective in Singapore for the fiscal year beginning on or after 1 January 2017.
