On 9 November 2020, the Inland Revenue Authority of Singapore (“IRAS”) released the e-tax guide explaining the developments in accounting for GST on transfer pricing (TP) adjustments made when transacting between related parties.
This timely workshop will provide you with a practical understanding and clarity on the latest e-tax guide release, enabling you to rightly account for the GST treatment on TP adjustments. Additionally, guidance and support measures for COVID-19 GST implications and recent updates will be addressed.
A Highlight of Key Areas:
- Summary of 2019 and 2020 Major Updates/Developments
- IRAS COVID-19 GST Guidance and support measures
- New GST e-tax guide on Transfer Pricing Adjustments
- GST treatment for TP adjustments
- Administrative concession where no GST adjustment is required
- Proxies that could be used to apportion the TP adjustment to various categories
- Supporting documents
- Waiver of penalties