IRAS request for TP documentation
IRAS asked for our TP documentation. How long do we have?
The situation
Taxpayers must provide their TP documentation to IRAS within 30 days of a request.
The law
- Secs 34D and 34F, Income Tax Act 1947: Related party transactions at arm's length; transfer pricing documentation when thresholds are met
What it means for you
If the documentation was prepared on time, sending it is straightforward. If it was not, the 30-day window is too short to build a proper benchmarking study, and the company is already in breach. Keep the documentation in a ready-to-send format each year.
What to do
- Locate documentation.
- Check completeness.
- Send within 30 days.
- Keep proof.
We can do this for youTransfer pricing documentation: SGD 5,000