Transfer Pricing Documentation

The transfer pricing (TP) landscape has evolved significantly in the recent years. Multinational businesses are expanding the volume of related party transactions and continuously improving their supply chains. With the enactment of the new Section 34F of the Singapore Income Tax Act which codifies the requirement for the mandatory preparation of TP documentation from Year of Assessment 2019, taxpayers are required to prepare TP documentation if the gross revenue derived from its trade or business for the basis period exceeds S$10 million, or if the taxpayer is required to prepare TP documentation for the previous basis period. Under the new section, if the transactions is one of the special transactions specifically exempted under the Income Tax (Transfer Pricing Documentation) Rules 2018, TP documentation is not required. Here at Russell Bedford, our goal is to help companies manage risks by aligning practical transfer pricing solutions with their overall global business operations and objectives and assist with strategic documentation to support their transfer pricing practices.