Singapore Releases CbCR Guidelines
14 October 2016
On 10 October 2016, the Inland Revenue Authority of Singapore (“IRAS”) released the much awaited e-tax guide on Country-by-Country Reporting (“CbCR”). It aims to provide taxpayers with guidance around the purpose and obligation to provide a CbC Report and practical considerations on completing and submitting the report to IRAS.
Broadly, a Singapore multinational enterprise (“MNE”) group will be required to prepare (along with the existing requirements to prepare a transfer pricing master file and local file) CbC Report starting from financial year 2017 if the consolidated group revenue in the preceding financial year is at least S$1,125 million (approximately €750 million).
For further details, please read the newsflash here.....BDO_TPNewsflash_Oct-2016