<Monetary threshold for LF preparation>

​ Applicable if gross revenue exceeds SGD 10 million, and related-party transactions exceed the following thresholds:

• SGD 15 million for purchase or sale of goods

• SGD 15 million for loans

• SGD 1 million per category for other transactions (e.g., services, royalties, leases, guarantees)

<Preparation deadline>

• By the due date for filing the company’s tax return (i.e., 11 months after the end of the fiscal year).

<Submission deadline>

• Within 30 days of a request by the tax authority.

<Language>

• English

<Penalty>

• Failure to prepare, submit, or ensure the accuracy of LF may result in a fine of up to SGD 10,000.

• In addition, a 5% surcharge may be imposed on the amount of any transfer pricing adjustment.

  • Reference: Section 34F of the Income Tax Act 1947

  • Reference: Income Tax RULES 2018