Transfer Pricing Administration - Reporting of Related Party Transactions

From Year of Assessment (YA) 2018, taxpayers must report certain details of related party transactions (RPT) if the value of RPT in the audited accounts for the financial year exceeds $15,000,000. The Form for Reporting Related Party Transactions should be submitted together with the submission of Form C. The value of RPT is the sum of all RPT items in the Income Statement and the year-end balances of loans and non-trade amounts.

The RPT data will help IRAS in assessing transfer pricing risks and selecting appropriate cases for transfer pricing consultation.

Transfer pricing consultation allows IRAS to assess taxpayers’ compliance with the transfer pricing guidelines and identify areas in which IRAS can advise taxpayers on good practices in transfer pricing.

For more information on the RPT requirement, a sample copy of the Form for Reporting of RPT and some frequently asked questions, please refer to the Reporting of RPT (535KB). The actual Form will be uploaded to IRAS website together with the YA 2018 Form C.

Source: Inland Revenue Authority of Singapore

Amendments to Appendices 1 and 4 of AGS 1
SSA 810 (Revised), Engagements to Report on Summary Financial Statements