Singapore Updates COVID-19 Guidance on Transfer Pricing

The Inland Revenue Authority of Singapore has recently updated its COVID-19 Tax Guidance for Transfer Pricing. The updated guidance, which is provided in a Q&A format, includes additional guidance on documentation, the extension of term testing guidance to cover Years of Assessment 2021 and 2022, and the addition of questions and answers regarding government assistance, limited-risk distributors, and loss-making comparables. New examples are also added.

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Question 1: My company has …