Insights

Transfer pricing regulations by the Organisation for Economic Cooperation and Development (OECD) and Singapore have specific provisions to talk about intercompany service transactions. This article delves into what Singapore taxpayers need to know about service transactions under these regulations and highlights typical mistakes businesses may make.

The release of the 7th edition of the Singapore Transfer Pricing Guidelines on 14 June 2024 signifies a substantial advancement in the efforts of the Inland Revenue Authority of Singapore (IRAS) to enhance clarity and rigour in the Singapore transfer pricing (TP) landscape. This edition introduces both minor and major updates across nine sections of the Guidelines, reflecting an evolving and more sophisticated approach to TP analysis and compliance with the arm’s length principle.

The last decade has witnessed a growing trend for tax administrations leveraging technology and introducing e-invoicing as a means to streamline tax administration and tackle tax fraud and evasion. In Singapore, the Inland Revenue Authority of Singapore (IRAS) has just announced the the mandatory adoption of e-invoicing under their InvoiceNow initiative for newly GST-registered companies with the possibility of it being rolled out to all other GST-registered businesses.

Sustainability reporting is not just about transparency and accountability; it's a catalyst for driving sustainable practices and policies. This article provides an introduction to what the GRI standards are and how to use them for your sustainability reporting.

Climate change is a pressing global issue that has far-reaching implications across various sectors. As the world grapples with the transition to a more sustainable future, businesses and investors need to consider the financial reporting implications of climate-related risks and opportunities. This article explores the impact of climate change on financial reporting and highlights the challenges and opportunities it presents.

There are no explicit requirements that address the accounting for mandatory emissions trading schemes, including mandatory carbon credits, or for voluntary carbon credits. This article explores the approaches that can be taken when accounting for emissions trading schemes.

The classification of financial instruments as either debt or equity has significant implications for the presentation and measurement on the balance sheet and income statement. This article outlines the various factors you should consider when making your assessment.

IFRS S1 and IFRS S2 mark the start of a new era of requiring companies to make sustainability-related disclosures.

Effective for periods beginning on or after 1 January 2024, the two new sustainability standards issued by the ISSB mark the start of a new era of requiring reporting entities to make sustainability related disclosures.

The International Sustainability Standards Board (ISSB) decided to add to the transitional reliefs already proposed in relation to the adoption of its first two Sustainability Standards – IFRS S1 ‘General Requirements for Disclosure of Sustainability-related Financial Information’ and IFRS S2 ‘Climate-related Disclosures’.

Green House Gas (GHG) emissions are classified into categories of Scope 1, Scope 2 or Scope 3. This is a way of grouping emissions between those created by the company and those created by its wider value chain.

The International Sustainability Standards Board (ISSB) confirms the effective date of its new Standards

The Tax Risk Management & Control Framework for Corporate Income Tax, also known as CTRM, is meant for companies to voluntarily review their internal controls and risk management processes.

On 17 February 2022, the IRAS introduced the Tax Governance Framework ("TGF"), alongside the Tax Risk Management & Control Framework for Corporate Income Tax (“CTRM”) for companies to demonstrate their good tax governance policy for corporate income tax, GST and withholding taxes. It is a voluntary compliance initiative that a company may participate in to demonstrate that it has good tax governance and tax risks management

The Monetary Authority of Singapore (MAS) announced that single family offices will have to meet stricter criteria in order to qualify for the tax exemptions under sections 13O and 13U of the Income Tax Act (ITA). These new criteria will take effect for applications received from 18 April 2022 onwards.

New transfer pricing guidelines have been published in Singapore, consolidating earlier guidance. Munjal Almoula of Grant Thornton Singapore looks at the amendments and updates, including a significant change which seems to indicate an increased focus by the Inland Revenue Authority on transfer pricing issues.