Director, Head of Tax
Manager, Transfer Pricing Tax Lead
Transfer pricing has been gaining attention by the tax authorities as well as businesses with the slew of recent updates to the transfer pricing regulations and guidelines, both internationally and in Singapore. To name a few, the Organisation for Economic Co-operation and Development (“OECD”) updated the OECD Transfer Pricing Guidelines in January 2022 and closer to heart, the Singapore Tax Authority, the Inland Revenue Authority of Singapore (“IRAS”) released the 6th update to the Transfer Pricing Guidelines in August 2021. This is no surprise as transfer pricing influences the level of both direct and indirect taxes that governments collect while at the same time, it is often perceived by tax authorities as a tool used by businesses to shift profits overseas. Against the backdrop of the Covid pandemic in which governments have increased their spending exponentially and the rise in cross border transactions, transfer pricing is likely to continue to be a key focus area of the tax authorities.
Through being part of the Nexia International Accounting Network, we are able to provide a one-stop transfer pricing services from Singapore and foreign tax jurisdiction perspectives.
We provide a full range of transfer pricing solutions which include:
Even if companies do not need to prepare mandatory transfer pricing documentation, companies are still encouraged to conduct regular transfer pricing risk review/assessments of their existing transfer pricing policies amidst the changing international tax/transfer pricing landscape to ensure they meet their transfer pricing obligations. In particular, transfer pricing risk review is even more important when one expects or has new related party transactions or significant events which include the following scenarios in order to identify and mitigate the transfer pricing risks:
We are able to assist companies in the transfer pricing risk reviews in such scenarios. Our expertise is not just in providing transfer pricing risk review, but we are able to provide a holistic tax solution spanning from transfer pricing to other areas such as international tax as well as mergers & acquisitions tax services according to your business needs.
Getting transfer prices right from the first instance is very important in terms of mitigating the company’s transfer pricing risks. It is costly and often challenging to defend transfer pricing policies that are not robust. In addition, transfer pricing can be used as a strategic tax planning tool to optimize the company’s global tax position.
We are able to provide companies with transfer pricing advisory support during the stage of transfer pricing planning and policy setting by:
From the Year of Assessment 2019 onwards, companies must prepare transfer pricing documentation for their related party transactions undertaken in a basis period when:
Even if it is not mandatory to prepare transfer pricing documentation, companies are still encouraged to do so especially if their transfer pricing risks are high as transfer pricing documentation serves as a first line of defense for the companies’ transfer prices.
We are able to assist companies in the following:
Setting transfer pricing policies may be challenging but achievable for most companies. However, ensuring that the transfer pricing policies are implemented effectively throughout the various departments/businesses of the companies and to minimize year-end adjustments may be much bigger challenges as they have real costs to the companies.
We are able to assist companies in navigating through these operational transfer pricing challenges by assisting companies in:
With the increasingly sophisticated tax authorities worldwide trying to maintain/increase their tax revenue, there is a rise in transfer pricing audits as well as transfer pricing controversies.
We are able to assist companies in:
For more enquiries:
80 Robinson Road,
#25-00 Singapore 068898
+65 6534 5700
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