30 December 2016 Singapore introduces related party transaction reporting requirements The Inland Revenue Authority of Singapore introduced a new requirement for companies to complete a form for reporting of related party transactions (RPT Form) on November 3. The requirement is effective from year of assessment 2018. A company must complete the RPT Form and submit it together with the corporate income tax return if the value of related party transactions exceeds S$15 million (US$10.3 million) for the relevant year of assessment. Disclosure details include types and amounts of related party transactions, names, locations and relationships of the top five foreign transacting parties (ranked by amount of sales or purchases of goods and services transacted), as well as loans and non-operating amounts due to or from related parties. Document ID: 2016-2246 |
