Daily Tax Update - January 8, 2015: Singapore Releases Transfer Pricing Guidelines

Singapore Releases Transfer Pricing Guidelines:  The Inland Revenue Authority of Singapore released updated transfer pricing guidelines for taxpayers incorporated, registered in, or carrying on business in Singapore.  The guidelines provide information on applying the arm’s-length principle to specific transactions and maintaining transfer pricing documentation, as well as facilities provided under treaties for resolving transfer pricing disputes.

IRS Releases Guidance on Transit Benefits:  Notice 2015-2 provides guidance related to the enactment of Section 103 of the Tax Increase Prevention Act of 2014, which increased the monthly transit benefit exclusion from $130 per participating employee to $250 per participating employee for calendar year 2014.  The notice clarifies how the increase applies retroactively and provides special procedures for employers to use in filing Form 941 and W-2 forms.