The Inland Revenue Authority of Singapore (IRAS) has announced a new reporting requirement for related party transactions (RPT) that will apply from year of assessment 2018 (tax year 2017).
Under the RPT reporting requirement, a company is to state in the corporate tax return (Form C) whether the value of RPT as disclosed in the audited accounts exceeds SGD 15 million for the relevant year. If the value does exceed SGD 15 million, an RPT Form must be submitted together with Form C.
The va…