Tuesday, 17 January 2017

Singapore issues new form for reporting related-party transactions

The Inland Revenue Authority of Singapore (IRAS) will introduce a new “Form for Reporting of Related-Party Transactions” with effect from year of assessment 2018.
The new form will have to be completed if the value of a company’s related-party transactions disclosed in the audited accounts for the financial year exceeds S$15 million. The form would have to be endorsed by an authorized representative of the company and submitted together with Form C.
The related-party transaction categories to be reported in the new form cover tangible goods, intangibles, services, and financing transactions. Details on the company’s top five foreign related customers and suppliers are also required
to be reported.
Source & more info: Deloitte