IRAS Focusing on Reporting Related Party Transactions Form Compliance

The Inland Revenue Authority of Singapore has updated its guidance on Getting Companies to Comply, with the addition of a new ongoing area of focus for compliance on the timely and accurate filing of the Form for Reporting Related Party Transactions (RPT Form).

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8. Timely and Accurate Filing of Form for Reporting Related Party Transactions (RPT Form)

Companies are required to complete the RPT Form if the value of related party transactions disclosed in the financial statements for the…