On 10 October 2016, the Inland Revenue Authority of Singapore (IRAS) issued an e-Tax Guide to provide guidance for the implementation of country-by-country-reporting (CbCR). The e-Tax Guide is relevant to any Singapore multinational enterprise (MNE) group with international operations and annual group revenue of at least SGD 1,125 million.
The contents of the e-Tax Guide include the purpose of CbCR, the obligation to provide a country-by-country (CbC) report, instructions on how to complete a CbC report and on how to submit a CbC report to the IRAS. It also provides relevant definitions and FAQ.
Singapore will implement CbCR for Singapore MNE groups from the financial year 2017 onwards and first CbC reports will bhave to be submitted by 31 December 2018.