The Inland Revenue Authority of Singapore (IRAS) has added Greenland to Singapore’s list of jurisdictions with an effective Country-by-Country Reporting (CbCR) exchange relationship. The relationship applies to financial years beginning on or after 1 May 2024.
Impact of the update
Wider exchange of multinational group tax information
Country-by-Country Reports filed with IRAS may now be transmitted to the Greenland tax authorities where the applicable exchange conditions are met. Similarly, Singapore may receive relevant CbCR information from Greenland through the established automatic exchange framework.
The development broadens the information available to tax authorities when assessing how multinational enterprise groups allocate revenue, profits, employees, assets and taxes across different jurisdictions.
Increased transfer pricing transparency
Multinational groups with operations in both Singapore and Greenland should expect the information reported in their CbC Reports to be accessible to the respective tax authorities.
Although CbC Reports are primarily risk-assessment tools rather than substitutes for detailed transfer pricing analyses, inconsistencies between the CbC Report, transfer pricing documentation, tax returns and financial statements may attract further enquiries.
Groups should therefore ensure that:
- reported revenue, profit and tax figures can be reconciled to underlying accounting records;
- the description of each entity’s principal business activities is accurate;
- permanent establishments and constituent entities are correctly identified; and
- material year-on-year movements are supported by appropriate explanations.
No change to Singapore’s core filing thresholds
The addition of Greenland does not, by itself, alter the entities required to submit a CbC Report in Singapore.
A report remains generally required where the reporting entity is the ultimate parent entity of a Singapore multinational enterprise group, is tax resident in Singapore, had consolidated group revenue of at least S$1.125 billion in the preceding financial year, and has operations or subsidiaries in at least one foreign jurisdiction. The report must generally be filed within 12 months after the end of the ultimate parent entity’s financial year.
For financial years beginning on or after 1 January 2022, an affected reporting entity must also notify IRAS of its filing obligation within three months after the end of the relevant financial year.
Practical issues
- Review of exchange jurisdictions: Groups should update their internal CbCR jurisdiction lists and compliance procedures to reflect Greenland’s inclusion from the applicable financial year.
- Data consistency: Finance, tax and transfer pricing teams should reconcile the CbCR data with consolidated financial statements, entity-level accounts, corporate income tax filings and transfer pricing documentation.
- System configuration: CbCR reporting tools may require updates to jurisdiction codes, effective dates and entity classifications, particularly where a group has Greenland-based entities or permanent establishments.
- Historical reporting periods: Businesses should determine whether financial years beginning on or after 1 May 2024 are affected and whether previously prepared reports contain data that may now be exchanged with Greenland.
- Governance and review controls: Greater information sharing increases the importance of documented review procedures, clear ownership of reported data and formal approval before submission.
- XML filing requirements: Singapore reporting entities must continue to prepare reports using the prevailing CbCR XML schema. IRAS does not accept reports submitted in alternative formats.
Actions plans
Multinational groups should assess whether they have constituent entities or business activities in Greenland and confirm that their CbCR processes reflect the updated exchange relationship. Groups should also perform a consistency review across CbCR data, transfer pricing documentation, tax computations and financial reporting records before their next submission.
The update does not introduce a new Singapore filing deadline or reporting threshold. Its main effect is to extend the jurisdictions with which Singapore can exchange CbCR information, increasing the scope for cross-border tax risk assessment and regulatory scrutiny.
Source: IRAS, 21 July 2026.