23 December 2016 Singapore Tax Authorities accept voluntary filing of CbC Reports for Singaporean tax resident MNE groups for FY 2016 The Inland Revenue Authority of Singapore (IRAS) announced on December 19, that it will allow voluntary filings for Singaporean multinational enterprise (Singaporean MNE) groups for financial year (FY) 2016. This follows the e-Tax Guide on the implementation of Country-by-Country Reporting (CbCR) for Singaporean tax resident MNE groups issued on October 10. Singaporean MNE groups that are subject to CbCR requirements in foreign jurisdictions in FY 2016 can now voluntarily file their CbC reports in Singapore notwithstanding that the CbCR requirements in Singapore are only effective for the FY beginning on or after January 1, 2017. A Tax Alert prepared by EY's Global Tax Desk Network, and attached below, provides additional details. Document ID: 2016-2220 |
