Scaling up for tax excellence essentially translates to the need for a strong grasp in the essentials of various tax topics. With transfer pricing (TP) and related party transactions being the hot topics in the world of tax, and as tax authorities continue to scrutinise such matters, TP documentation and benchmarking analysis were again explored at the latest Tax Excellence Decoded (TED) session. Organised by the Singapore Institute of Accredited Tax Professionals (SIATP), the session was facilitated by Adriana Calderon, Director of Transfer Pricing Solutions Asia, who shared her universal “golden rules” for benchmarking analysis with the participants, bringing to light the various tips and pitfalls of TP documentation.

Adriana Calderon, Director of Transfer Pricing Solutions Asia, used an illustrated case study approach to explain the finer points of transfer pricing benchmarking

Moving beyond the fundamentals of TP, the evolving concept of operational TP also has a stake in achieving a successful TP documentation. Showcasing an integrated approach in TP policy planning, participants were able to harness the essence of risk assessments and management framework in another session of TED. Facilitated by Accredited Tax Practitioner (Income Tax), Elis Tan, Executive Director of Transfer Pricing at BDO Singapore, the session highlighted the key elements of policy planning as well as the importance of managing compliance obligations in the TP calendar.

Accredited Tax Practitioner (Income Tax) Elis Tan answered questions on the operational aspects of TP

Presenting to a packed audience, Chan Hui Juan, Manager, IRAS, explored the various changes in Singapore’s Reverse Charge regime 

As 1 January 2020 steadily approaches, bringing with it the new requirements in the Reverse Charge and Overseas Vendor Registration regime, SIATP jointly organised a session with the Inland Revenue Authority of Singapore (IRAS) to further equip participants with the preparation essentials to manage the changes. Diving into the specifics of the e-Tax guides and the implementation processes, accredited tax professionals were given the opportunity to hear directly from the tax authority and obtain a better idea of the possible business implications.

With the multitude of events lined up to enhance participants’ knowledge, the many insights shared placed tax professionals well on the journey towards tax excellence. Want to scale towards greater heights in tax excellence as well? Email SIATP.