{"id":594,"date":"2018-06-07T13:16:12","date_gmt":"2018-06-07T05:16:12","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=594"},"modified":"2018-07-07T13:25:35","modified_gmt":"2018-07-07T05:25:35","slug":"transfer-pricing-administration-and-reporting","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2018\/06\/07\/transfer-pricing-administration-and-reporting\/","title":{"rendered":"Transfer pricing administration and reporting"},"content":{"rendered":"<p class=\"hP\"><span style=\"color: #000000;\">On 3 November 2016, the Inland Revenue Authority of Singapore (IRAS) has introduced the requirement for certain corporate taxpayers to file a Form for Reporting Related Party Transactions (RPT). The RPT data will help the IRAS in:<\/span><\/p>\n<ul class=\"none\">\n<li class=\"hP none\"><span style=\"color: #000000;\">assessing companies\u2019 transfer pricing risks<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">selecting appropriate cases for transfer pricing consultation, and<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">improving the enforcement of the arm\u2019s length requirement.<\/span><\/li>\n<\/ul>\n<p class=\"hP\"><span style=\"color: #000000;\">This requirement for filing Form for reporting RPT will take effect from the Year of Assessment (YA) 2018.<\/span><\/p>\n<p class=\"hP\"><span style=\"color: #000000;\">Taxpayers must report certain details of RPT through the Form for Reporting Related Party Transactions if the value of RPT in the audited accounts <strong>for the financial year exceeds $15 million<\/strong>.<\/span><\/p>\n<p class=\"hP\"><span style=\"color: #000000;\">The IRAS has also introduced an indicative margin which taxpayers can apply on each related party loan not exceeding $15 millon during the periods from:<\/span><\/p>\n<ul class=\"none\">\n<li class=\"hP none\"><span style=\"color: #000000;\">1 January to 31 December 2017, and<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">1 January to 31 December 2018.<\/span><\/li>\n<\/ul>\n<p class=\"hP\"><span style=\"color: #000000;\">The value of RPT as disclosed in the audited accounts is the sum of:<\/span><\/p>\n<ul class=\"none\">\n<li class=\"hP none\"><span style=\"color: #000000;\">all RPT items in the Income Statement but excluding compensation paid to key management personnel and dividends, and<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">the year-end balances of loans and non-trade amounts due to\/from all related parties.<\/span><\/li>\n<\/ul>\n<p class=\"hP\"><span style=\"color: #000000;\">The values of the following categories of RPTs are to be reported in the form:<\/span><\/p>\n<ul class=\"none\">\n<li class=\"hP none\"><span style=\"color: #000000;\">sales and purchases of goods<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">services income and expense<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">royalty and license fee income and expense<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">interest income and expense<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">other income and expense, and<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">year-end balances of loans and non-trade amounts.<\/span><\/li>\n<\/ul>\n<p class=\"hP\"><span style=\"color: #000000;\">A company with cross-border related-party sales or purchases of goods and services is required to list the top five foreign-related parties that it transacts with (by value of sales or purchases respectively) and provide their entity details including:<\/span><\/p>\n<ul class=\"none\">\n<li class=\"hP none\"><span style=\"color: #000000;\">entity names<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">countries<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">relationship, and<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">amounts transacted.<\/span><\/li>\n<\/ul>\n<p class=\"hP\"><span style=\"color: #000000;\">The deadline for submitting Form for reporting RPT should be submitted together with the submission of Form C.<\/span><\/p>\n<p class=\"hP\"><span style=\"color: #000000;\">For more information, refer to the Reporting of RPT available on the IRAS website <\/span><\/p>\n<p><span style=\"color: #000000;\">Source: <em>IRAS<\/em>, 7 June 2018<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 3 November 2016, the Inland Revenue Authority of Singapore (IRAS) has introduced the requirement for certain corporate taxpayers to file a Form for Reporting Related Party Transactions (RPT). The RPT data will help the IRAS in: assessing companies\u2019 transfer pricing risks selecting appropriate cases for transfer pricing consultation, and improving the enforcement of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,6],"tags":[],"class_list":["post-594","post","type-post","status-publish","format-standard","hentry","category-incometax","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=594"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/594\/revisions"}],"predecessor-version":[{"id":595,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/594\/revisions\/595"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=594"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}