Singapore: Income Tax (Amendment) Rules 2024 and The 7th Edition Singapore Transfer Pricing Guidelines

DFDL Singapore

4th July 2024

The Singapore Ministry of Finance recently announced amendments to the Singaporean transfer pricing rules as part of its ongoing initiative to simplify the overall compliance process for taxpayers. The Income Tax (Transfer Pricing Documentation) (Amendment) Rules 2024 came into effect on 10 June 2024.

The Singapore Ministry of Finance recently announced amendments to the Singaporean transfer pricing rules as part of its ongoing initiative to simplify the overall compliance process for taxpayers. The Income Tax (Transfer Pricing Documentation) (Amendment) Rules 2024 came into effect on 10 June 2024. Reflecting these changes, the Inland Revenue Authority of Singapore (“IRAS”) also issued the 7th edition of the Singapore Transfer Pricing Guidelines (“SGTP Guidelines” or “Guidelines”) to provide further clarity and guidance on the adoption of Rules 2024.

Please click on the below button to download the link to review our summary of the amendments made under Rules 2024 and the 7th edition of the SGTP Guidelines.

Link to Download: https://www.dfdl.com/publication/singapore-introduces-amendments-to-transfer-pricing-rules/?tmstv=1719377889

Jack Sheehan, Partner, Head of Regional Tax
Thailand
Jack is a Partner and Tax Leader at the firm.

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DFDL Singapore

Singapore

Spanning over two decades, DFDL has evolved from being a pioneer in the frontier markets of Asia to an established gateway into ASEAN markets and beyond, truly setting us apart from our competitors. With increasing numbers of international companies choosing to base their regional headquarters in Singapore, DFDL has instituted a hub approach by similarly establishing its ASEAN desk in Singapore. This serves as a first point of contact for clients and businesses seeking legal and tax advice in support of their regional expansion throughout the dynamic markets of ASEAN, along with Bangladesh, Bhutan, Nepal and Sri Lanka.

Our ASEAN team comprises 8 regional legal advisers from a wide range of legal backgrounds. They strive to provide seamless, tailored, and integrated services to companies on their foreign investment strategies and cross-border transactions across multiple jurisdictions.

Nowadays, clients rightfully expect consistent and international standards of legal services. Our ASEAN Desk assures the delivery of premium quality legal services by bridging the service gaps frequently encountered by companies when doing business in these emerging markets. We understand the Asian cultures, and can help navigate the language barriers through a single point of contact.

Our ASEAN Desk is an integral part of DFDL’s fully integrated offices and has the full support of over 170 legal and tax advisers from across eight countries.

DFDL in Singapore is qualified as a foreign law practice and is not licensed to practice Singapore law.

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