Singapore publishes COVID-19 transfer pricing guidance

On September 8, 2020, the Inland Revenue Authority of Singapore published guidance on transfer pricing in view of the COVID-19 pandemic.

The guidance is published in the form of frequently asked questions. Following questions are answered:

• My company has been severely affected by COVID-19. What information do I have to provide in the transfer pricing documentation to substantiate the arm’s length nature of my transfer pricing outcome?
• Can I apply term-testing for my company’s related party transaction (i.e. testing of the related party transaction over a multiple-year period) so that the impact of COVID-19 can be spread out over a longer period of years?
• Can I file a new Advance Pricing Arrangement (“APA”) application or request for renewal of an existing APA during this COVID-19 period? 
• What should I do if I have an APA application which is under review?
• What should I do if I have an existing APA agreement with IRAS?

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See Guidance