Singapore’s Transfer Pricing Guidelines (Second Edition)

IRAS has updated Singapore’s transfer pricing guidelines on 6 Jan 2015, which was last released almost 10 years ago. The guidelines explains IRAS’ transfer pricing programme and position regarding various transfer pricing matters. It consolidates the four previous e-Tax guides in transfer pricing.


It is a timely move as the international tax scene and related party transactions has also grown complex over the years. Current issues such as BEPS (Base Erosion and Profit Shifting) have increasingly been a hot topic all over the world, which prompted OECD to revise its own guidelines, to which Singapore’s transfer pricing guidelines is generally based on.


Therefore, with this updated guidelines, businesses which have transactions with related parties will have clearer guidance in understanding and complying with Singapore’s transfer pricing requirements.

 

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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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