On October 6, 2014, TEI submitted comments to the Inland Revenue Authority of Singapore in response to an invitation for public comment on proposed rules governing transfer pricing documentation. Notable among its comments, TEI expressed concern that the proposed rules elevate Singapore’s transfer pricing documentation requirements to a higher level than those existing under the OECD transfer pricing guidelines ahead of final recommendations from the OECD’s base erosion and profit shifting (BEPS) project. TEI also suggested a phased approach to implementing the new documentation guidance that tracks upcoming developments from the BEPS project and provides taxpayers with ample lead time to adjust their internal processes.
The comments were prepared by TEI-Asia Chapter board members and the TEI Asia Tax Committee, whose Chair is Lisa Zheng. Patrick Evans, TEI Chief Tax Counsel, coordinated the preparation of the comments.