Transfer Pricing is one of the most important issues in international tax. With the recent global recession, intercompany transactions are under increased scrutiny as tax authorities seek to maintain or increase their tax bases. Meanwhile, MNCs are focused on the impact of transfer pricing on distribution of taxable income among countries with different tax rates.
Businesses with cross-border inter-company transactions should ensure a thorough understanding of the concept of transfer pricing, defined as the prices at which companies sell goods, services and intangible assets to related parties, as well as the requirements for compliance and the risks for non-compliance.
On 6 January 2015, the Inland Revenue Authority of Singapore (IRAS) released revised Transfer Pricing Guidelines. Apart from reflecting the increasing complexity in Transfer Pricing arrangements, the new guidelines stress the need for timely and more transparent reporting of transfer pricing within a multinational group and the benefits of more contemporaneous TP documentation.
For tax and accounting practitioners in Singapore who have to manage the challenges of transfer pricing documentation, Wolters Kluwer has introduced Transfer Pricing in Singapore. This aims to provide a practical, accurate and reliable presentation of the structure, features and ambit of Transfer Pricing accounting and tax regulations in Singapore.
It is a publication of value to CFOs, accountants, financial executives, internal auditors and tax professionals in private and public entities.
