Transfer Pricing is one of the key tax requirements to consider when expanding your business outside Singapore. Operations in more than one country (at least two countries) is sufficient for a business to be caught up under the transfer pricing regulations.
Transfer Pricing is still a new discipline in Asia Pacific. However, Tax Authorities in the region are super committed to ensure compliance with the legislation.
Whether you are a transfer pricing newbie, a transfer pricing enthusiast or if you just want to understand what transfer pricing is all about, we have summarized below the key things you need to know:
If you are an Entrepreneur, Start-Up or SMEs don’t disregard transfer pricing and fall under the trap of thinking that transfer pricing
affects large MNEs only. Be proactive, and manage your transfer pricing compliance and risks at the beginning to avoid future
Transfer Pricing Solutions Asia can assist with practical and cost-effective solutions for Entrepreneurs, Start-Ups or SMEs.
With increasing scrutiny, transfer pricing audits are becoming more common. Failure to comply with documentation requirements can lead to significant penalties.
The IRBM has recently issued a Frequently Asked Questions to address the questions taxpayers and tax professionals regarding the Transfer Pricing Surcharge.
The recently announced Singapore Budget 2024 tabled by Deputy Prime Minister and Finance Minister, Mr. Lawrence Wong on 16 February 2024.