Transfer pricing in Singapore

Transfer pricing in Singapore at a glance

Regulation Type National regulations based on OECD
Are there specific transfer pricing regulations? Yes
Submission deadline CIT deadline
Submission deadline upon request 30 days
Annual update required Contemporaneous
Official language requirements English
Potential impact of penalties SGP 1,000 (approximately EUR 650)

Singapore tax law

Rules for transfer pricing in Singapore are based upon:

  • Inland Revenue Authority of Singapore (IRAS) Circular — Singapore Transfer Pricing Consultation, published on 30 July 2008)
  • IRAS Supplementary Circular — Supplementary Administrative Guidance on Advance Pricing Arrangements, published on 20 October 2008)
  • IRAS Supplementary e-Tax Guide — Transfer Pricing Guidelines for Related Party Loans and Related Party Services, published on 23 February 2009
  • Section 34D of the Singapore Income Tax Act
  • Section 94(2) of the Singapore Income Tax Act
  • Singapore Transfer Pricing Guidelines, published in February 2015


Rules for transfer pricing in Singapore are based upon the OECD Transfer Pricing Guidelines and are as such generally coherent with the OECD Guidelines.


Accepted methods

Accepted methods are:

  • The comparable uncontrolled price method
  • the resale price method
  • the cost plus method
  • the transactional net margin method
  • the profit split method

Priority of methods

Rules for transfer pricing in Singapore prescribe that taxpayers must use the method that produces the most reliable results, meaning any of the above mentioned methods can be used.

Documentation requirements

Singapore transfer pricing legislation prescribes that the transfer pricing documentation should at least consist of the following components:

  • General information about the corporation
  • Drivers of business profit
  • List of intangibles and intangible owners
  • Financial statements of the group relating to the lines of business involving the Singapore taxpayers


Documentation must be in English.

Requirements to prepare documentation annually

Rules for transfer pricing in Singapore prescribe that documentation should be kept and prepared contemporaneously. Accepted, as contemporaneous documentation, is any documentation that is prepared at any time no later than the time of completing and filling of the tax return for the fiscal year in which an intercompany transaction takes place.

Submission deadline upon request by tax authorities

Upon request of the tax authorities, a taxpayer is obliged to submit the documentation within 30 days after the request.

Advance Pricing Agreements


Rules for transfer pricing in Singapore provide for an option to obtain for unilateral, bilateral en multilateral Advance Pricing Agreements (APA).


The term for which an APA is agreed up is generally three to five years. Rollback may be allowed on a case-by-case basis.


With the latest change in the Singapore Transfer Pricing Guidelines the Singapore Tax Authorities created to opportunity to impose a penalty if the new documentation requirements are not fulfilled. A taxpayer who fails to comply risks a penalty of SGP 1,000 (approximately EUR 650).