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Accounting Advisory
Our accounting advisory team help businesses meet their complex financial reporting requirements. The team can support in applying new financial reporting standards, IFRS/ US GAAP conversions, financial statement preparation, consolidation and more.
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Payroll
Our team can handle your payroll processing needs to help you reduce cost and saves time so that you can focus on your core competencies
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Managed accounting and bookkeeping
Outsourcing the financial reporting function is a growing trend among middle market and startup companies, as it provides a cost-effective way to improve the finance and accounting function. Our team can help with financial statement preparation, consolidation and technical on-call advisory.
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Accounting Advisory
Our team helps companies keep up with changes to international and domestic financial reporting standards so that they have the right accounting policies and operating models to prevent unexpected surprises.
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Crypto Accounting Advisory Service
Our team can help you explore appropriate accounting treatment for accounting for holdings in cryptocurrencies, issuance of cryptocurrencies and other crypto/blockchain related accounting issues.
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ESG Reporting and Accounting
As part of our ESG and Sustainability Services, our team will work with you on various aspects of ESG accounting and ESG reporting so that your business can be pursue a sustainable future.
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Expected Credit Loss
Our team of ECL modelling specialists combine help clients implement provisioning methodology and processes which are right for them.
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Managed Accounting and Bookkeeping Services
Outsourcing the financial reporting function is a growing trend among middle market and startup companies, as it provides a cost-effective way to improve the finance and accounting function. Our team can help with financial statement preparation, consolidation and technical on-call advisory.
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Business Tax Advisory
Our business tax team can help you navigate the international tax landscape, grow through mergers and acquisitions, or plan an exit strategy.
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Corporate Finance
Our corporate finance team helps companies with capital raising, mergers and acquisitions, private equity, strategic joint ventures, special situations and more.
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Financial Due Diligence
From exploring the strategic options available to businesses and shareholders through to advising and project managing the chosen solution, our team provide a truly integrated offering
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Valuations
Our valuation specialists blend technical expertise with a pragmatic outlook to deliver support in financial reporting, transactions, restructuring, and disputes.
![Reducing risk in cross-border transactions](/globalassets/1.-member-firms/singapore/blocks/new-illistrations/resized/resize---performance.jpg)
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Sustainability with the ARC framework
Backed by the CTC Grant, businesses can tap on the ARC Framework to gain access to sustainability internally, transform business processes, redefine job roles for workers, and enhance productivity. Companies can leverage this grant to drive workforce and enterprise transformation.
![Navigating the Carbon Border Adjustment Mechanism (CBAM) and its impacts on global trade](/globalassets/1.-member-firms/singapore/photography/464x422-listing-article/factory-gas_listing-min.jpeg)
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Business Tax Advisory
Our business tax team can help you navigate the international tax landscape, grow through mergers and acquisitions, or plan an exit strategy.
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Corporate Tax Compliance
Our corporate tax teams prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and realise tax benefits.
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Tax Governance
Our Tax Governance Services are designed to assist organisations in establishing effective tax governance practices, enabling them to navigate the intricate tax environment with confidence.
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Goods and Services Tax
Our GST team supports organisations throughout the entire business life-cycle. We can help with GST registration, compliance, risk management, scheme renewals, transaction advisory and more.
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Transfer Pricing
Our Transfer Pricing team advises clients on their transfer pricing matters on and end-to-end basis right from the designing of policies, to assistance with annual compliance and assistance with defense against the claims of competing tax authorities.
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Employer Solutions
Our Employer Solutions team helps businesses remain compliant in Singapore as well as globally as a result of their employees' movements. From running local payroll, to implementing a global equity reward scheme or even advising on the structure of employees’ cross-border travel.
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Private Client Services
Our private client services team provides a comprehensive cross section of advisory services to high net worth individuals and corporate executives, allowing such individuals to concentrate on their business interests.
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Welfare and benefits
We believe that a thriving team is one where each individual feels valued, fulfilled, and empowered to achieve their best. Our welfare and benefits aim to care for your wellbeing both professionally and personally.
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Career development
We want to help our people learn and grow in the right direction. We seek to provide each individual with the right opportunities and support to enable them to achieve their best.
![insight featured image](/globalassets/1.-member-firms/singapore/photography/1200x627-open-graph/open-graph-1200x627-_as52336806.jpg)
The release of the 7th edition of the Singapore Transfer Pricing Guidelines (Singapore TP Guidelines, or ‘the Guidelines’) on 14 June 2024 signifies a substantial advancement in the efforts of the Inland Revenue Authority of Singapore (IRAS) to enhance clarity and rigour in the Singapore transfer pricing (TP) landscape.
This edition introduces both minor and major updates across nine (9) sections of the Guidelines, reflecting an evolving and more sophisticated approach to TP analysis and compliance with the arm’s length principle.
Key Updates and Changes
Updates include clarifications on working capital adjustments, relaxation of the TP documentation exemption threshold, and an emphasis on the need for contemporaneous TP documentation. The guidelines now underscore the significance of timely supplementary analyses and provide updates on the TP audit process.
Furthermore, there is additional clarification on when related party transactions may be disregarded and a (logical) confirmation of the exemption from TP assessment for capital transactions. The conditions for the remission of surcharges resulting from TP adjustments, the processes engaged in the Mutual Agreement Procedure, and conditions of strict pass- through costs have also been elaborated upon.
Perhaps the most notable change is the discontinuation of interest restriction as a proxy for the arm’s length principle for domestic loans. This could have a further-reaching impact than first expected.
But the updates to theon intercompany financing transactions section also provide insights on base reference rates transitioning from Interbank Offered Rates, expectations for an annual review of long-term loans, and the criteria for determining whether a loan has been refinanced.
Further, TP considerations for government assistance, outlined by the IRAS on their website during the COVID-19 pandemic, have been included to enhance the comprehensiveness of the Guidelines.
Implications for Businesses
Amid these numerous updates, the overarching message remains clear: Comprehensive TP analysis and documentation are imperative for preventing and resolving tax disputes. The shift from an “inform-and-discuss” approach by the IRAS (I am about to shoot you) to an “assess-and-adjust” approach (shoot first, ask questions later) holds significant implications for taxpayers.
This shift places a more substantial burden of proof on taxpayers to substantiate their related party arrangements. The TP dispute and appeal process is now within a more legalistic framework, notwithstanding the fact that the transactions may qualify for TP documentation exemption.
Given these developments, it is crucial for businesses to ensure that their TP policies and documentation are meticulously reviewed and remain up to date. This proactive approach not only facilitates compliance but also fortifies the position of businesses in potential TP disputes.
As the IRAS adopts a more stringent stance, businesses’ proactive role in ensuring meticulous defence documentation is more important than ever.
In conclusion, the 7th edition of the Singapore TP Guidelines represents a “more crucial than you think” development in the TP regulatory environment. Businesses must acknowledge the heightened expectations and the critical importance of robust TP analysis and documentation in dispute prevention and resolution.
By proactively adapting to these changes and rigorously reviewing their existing TP policies, analyses and conclusions in alignment with the latest guidance provided or position taken by the IRAS, businesses can adeptly navigate and mitigate tax and TP exposures.