The supplementary circular, Supplementary administrative guidance on advance pricing arrangements, was issued by the Inland Revenue Authority of Singapore (IRAS) on 20 October.

Focussing on section 6 of the IRAS circular Transfer pricing guidelines, it outlines the application of an advance pricing arrangement (APA) in respect to transfer pricing. 

It also provides further considerations and procedures which an APA applicant should observe to be accepted by the IRAS and facilitate discussion among relevant authorities.

The circular also addresses the circumstances under which IRAS may allow application to roll back years and specifies the main reasons for the IRAS to discontinue an applicants APA process.

For further information view the supplementary circular on the IRAS website.