Singapore Tax Agency Updates E-Tax Guide on CbC reporting

The Singaporean Inland Revenue Authority Oct. 31 updated an e-tax guide on country-by-country (CbC) reporting. Topics covered include: 1) requirements for Singapore-based multinational enterprise (MNE) groups to notify the tax agency of their CbC reporting obligations within three months of the end of the fiscal year beginning on or after Jan. 1, 2022; 2) the requirements and instructions for preparing CbC Reports in CbCR XML Schema format; 3) imposition of penalties for noncompliance; and 4) updated and additional FAQs addressing the current CbC reporting requirements. [Singapore, Inland Revenue Authority of Singapore, 10/31/22]

Reference: View E-Tax Guide on CbC Reporting. ...