On October 10, 2016 the Inland Revenue Authority of Singapore (Hereafter: IRAS) issued an e-Tax Guide on Country-by-Country Reporting.
According to the e-Tax Guide its aim is to provide taxpayers with guidance on
a) the purpose of CbCR;
b) the obligation to provide a CbC Report;
c) how to complete a CbC Report; and
d) how to submit a CbC Report to IRAS.
It is furthermore stated that the e-Tax guide is relevant to any Singapore MNE group with international operations and annual group revenue of at least S$1,125 million.
A.o. the following subjects are discussed in the e-Tax guide:
· Introduction to CbCR
· Transfer Pricing Documentation
· Format of CbC Reports
· Submission of CbC Reports
· Frequently asked questions
o Filing Requirement
o Completing the Template
o Clarification of Terms used in the Model CbCR Template
§ Constituent Entities
§ Period covered by the annual template
§ Source of data
§ Revenues
§ Profit (loss) before Income Tax
§ Income Tax Paid (on Cash Basis)
§ Income Tax Accrued (Current Year)
§ Stated Capital
§ Number of Employees
§ Tangible Assets other than Cash and Cash Equivalents
Furthermore a template for a CbC Report is enclosed in the e-Tax Guide.
Click here to be forwarded to the e-Tax Guide on Country-by-Country Reporting as available on the website of IRAS, which will open in a new window.
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