The Inland Revenue Authority of Singapore releases the third edition of guidance for Country-by-Country (CbC) Reporting. It is the first time Singapore tax authority amends the guidance since July 11, 2017.
In this third edition, Singapore tax authority amends the template requirement about the usage of rounded figures in the CbC Report in the Frequently Asked Questions. Companies can report rounded figures in their CbC report if the source data from which those amounts have been obtained consist of rounded figures. Companies should ensure that the rounding does not have a material impact in terms of understanding the CbC report. When rounding off to the nearest thousand, companies would still have to show the figures in full. For example, if the rounded figure is S$1,126,000, it should be entered in the CbC report as S$1,126,000 instead of S$1,126.
Singapore implemented the CbC Report for Singapore multinational groups from FY 2017 onwards. Broadly, the CbC Report is required for an MNE group in relation to a financial year where:
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