Regulation 1
Citation and commencement
These Regulations are the Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018 and come into operation on 5 February 2018.
/akn/sg/act/sub_leg/1947/ITA-S75-2018
Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018
The full official text, structured for quick navigation. Copy any provision or jump straight to a section.
- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1947
- Sections
- 5
Quick answer
About this subsidiary legislation
Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S75-2018 1947, currently marked in force and first recorded in 1947.
Regulation 2
Definitions
Amended byS 147/2023 wef 31/12/2021S 147/2023 wef 01/04/2023S 57/2020 wef 22/01/2020S 147/2023 wef 31/12/2021S 57/2020 wef 22/01/2020S 57/2020 wef 22/01/2020
Subregulation 1
Amended byS 147/2023 wef 31/12/2021S 147/2023 wef 01/04/2023S 57/2020 wef 22/01/2020S 147/2023 wef 31/12/2021S 57/2020 wef 22/01/2020S 57/2020 wef 22/01/2020
In these Regulations —
Definition
“authorised person” means a person authorised by the Comptroller under section 105L of the Act;
Definition
“constituent entity” —
(a)
in relation to an MNE group that is a Type A group, means any entity of the MNE group, whether or not the entity has a permanent establishment; and
(b)
in relation to an MNE group that is a Type B group, means the single entity of the Type B group, and includes a permanent establishment of the Type B group for which separate financial statements are prepared;
Definition
“country‑by‑country report” has the same meaning as in section 105I of the Act;
Definition
“entity” means any person that is not an individual, but excludes the Government, and the government of any country;
Definition
“FRS 110” means the financial reporting standard known as Financial Reporting Standard 110 (Consolidated Financial Statements) made or formulated by the Accounting Standards Committee under the Accounting Standards Act 2007;
Amended byS 147/2023 wef 31/12/2021S 147/2023 wef 01/04/2023
Definition
“SFRS(I) 10” means the financial reporting standard known as Singapore Financial Reporting Standard (International) 10 (Consolidated Financial Statements) that is made, and amended from time to time, under Part 3 of the Accounting Standards Act 2007;
Amended byS 57/2020 wef 22/01/2020S 147/2023 wef 31/12/2021
Definition
“Type A group” means a group of entities related through ownership or control in such a way that the group is either —
(a)
required to prepare consolidated financial statements for financial reporting purposes under FRS 110, SFRS(I) 10 or an equivalent financial reporting standard in a country outside Singapore; or
(b)
would have been so required if equity interests in any of the entities were traded on any stock exchange in Singapore or elsewhere;
Amended byS 57/2020 wef 22/01/2020
Definition
“Type B group” means a single entity with one or more permanent establishments;
Definition
“ultimate parent entity” —
(a)
in relation to an MNE group that is a Type A group, means a constituent entity of the MNE group —
(i)
that owns, directly or indirectly, a sufficient interest in one or more constituent entities of the MNE group such that —
(A)
it is required under FRS 110, SFRS(I) 10 or an equivalent financial reporting standard in a country outside Singapore to prepare consolidated financial statements for the MNE group; or
(B)
it would have been so required if its equity interests were traded on any stock exchange in its jurisdiction of tax residence; and
(ii)
in which no other constituent entity of the MNE group owns (directly or indirectly) an interest described in sub‑paragraph (i); or
(b)
in relation to an MNE group that is a Type B group, means the single entity of the Type B group.
Amended byS 57/2020 wef 22/01/2020
Subregulation 2
In these Regulations, a Type A group is an MNE group for an accounting period if the Type A group —
(a)
has a consolidated group revenue of not less than $1,125 million (or its equivalent in foreign currency) in the accounting period immediately before that accounting period; and
(b)
has 2 or more entities that are resident for a tax purpose in different countries.
Subregulation 3
In these Regulations, a Type B group is an MNE group for an accounting period if the Type B group —
(a)
has a revenue of not less than $1,125 million (or its equivalent in foreign currency) in the accounting period immediately before that accounting period; and
(b)
is resident for a tax purpose in one country and is also subject to income tax or tax of a similar character with respect to its business carried out through a permanent establishment in another country.
Regulation 3
Application
These Regulations apply to a Type A group or Type B group in respect of any of its accounting periods beginning on or after 1 January 2017.
Regulation 4
Obligation of ultimate parent entity of MNE group to submit country‑by‑country report
Amended byS 669/2022 wef 12/08/2022S 669/2022 wef 12/08/2022S 669/2022 wef 12/08/2022S 669/2022 wef 12/08/2022S 869/2021 wef 16/11/2021S 669/2022 wef 12/08/2022S 869/2021 wef 16/11/2021
Subregulation 1
Subject to regulation 5, where —
(a)
a Type A group or Type B group is an MNE group for any of its accounting periods; and
(b)
its ultimate parent entity is resident in Singapore,its ultimate parent entity must submit to the Comptroller or an authorised person a country‑by‑country report for that accounting period for all constituent entities of the MNE group.
Subregulation 1A
Amended byS 669/2022 wef 12/08/2022
The ultimate parent entity must submit to the Comptroller or an authorised person a notice in accordance with paragraph (1B) that it is an entity that has to submit a country‑by‑country report under paragraph (1).
Subregulation 1B
Amended byS 669/2022 wef 12/08/2022
The notice must be —
(a)
submitted for each accounting period in the form and manner determined by the Comptroller; and
(b)
submitted no later than 3 months after the end of the accounting period, or such later time as the Comptroller may permit.
Subregulation 1C
Amended byS 669/2022 wef 12/08/2022
Paragraph (1A) applies to a country‑by‑country report for each accounting period that begins on or after 1 January 2022.
Subregulation 1D
Amended byS 669/2022 wef 12/08/2022
To avoid doubt, paragraph (1A) does not apply to an ultimate parent entity to which the Comptroller has given a written notice under regulation 5(2)(a) that it need not submit a country‑by‑country report for that accounting period.
Subregulation 2
The ultimate parent entity must submit the country‑by‑country report to the Comptroller or an authorised person no later than 12 months after the end of the accounting period, or such later time as the Comptroller may permit.
Subregulation 3
The ultimate parent entity must keep and retain in safe custody all records that it uses to prepare a country‑by‑country report for a period of 5 years after the end of the accounting period.
Subregulation 4
Amended byS 869/2021 wef 16/11/2021S 669/2022 wef 12/08/2022
A requirement under paragraph (1), (1A) or (2) is a requirement under section 105M(1)(b) of the Act, the failure or neglect to comply with which (if such failure or neglect is without reasonable excuse) is an offence under section 105M(1) of the Act.
Subregulation 5
Amended byS 869/2021 wef 16/11/2021
A requirement under paragraph (3) is a requirement the failure or neglect to comply with which (if such failure or neglect is without reasonable excuse) is an offence under section 105M(1B) of the Act.
Regulation 5
Designation of constituent entity to submit country‑by‑country report in place of ultimate parent entity
Amended byS 57/2020 wef 22/01/2020S 869/2021 wef 16/11/2021S 869/2021 wef 16/11/2021
Subregulation 1
This regulation applies where —
(a)
a particular Type A group is an MNE group for any of its accounting periods; and
(b)
in that accounting period —
(i)
the Government is the sole shareholder of the ultimate parent entity of the Type A group; and
(ii)
the Minister informed the Comptroller that a country‑by‑country report by the ultimate parent entity of the Type A group would contain information, the disclosure of which would be contrary to Singapore’s vital interests.
Subregulation 2
The Comptroller may, after taking into account the information in paragraph (1)(b)(ii) —
(a)
give written notice to the ultimate parent entity that the ultimate parent entity need not submit that country‑by‑country report; and
(b)
give written notice to one or more other constituent entities of the MNE group to submit a country‑by‑country report for that accounting period in place of the ultimate parent entity.
Subregulation 3
Amended byS 57/2020 wef 22/01/2020
A constituent entity of the MNE group given a written notice under paragraph (2)(b) must submit to the Comptroller or an authorised person a country‑by‑country report for that accounting period for all the constituent entities of the MNE group in respect of which the firstmentioned constituent entity —
(a)
is required under FRS 110, SFRS(I) 10 or an equivalent financial reporting standard in a country outside Singapore to prepare consolidated financial statements; or
(b)
would have been so required if the equity interests of the firstmentioned constituent entity were traded on any stock exchange in Singapore or elsewhere.
Subregulation 4
The constituent entity must submit the country‑by‑country report for an accounting period to the Comptroller or an authorised person no later than —
(a)
12 months after the end of the accounting period; or
(b)
such later time as the Comptroller may permit in the particular case.
Subregulation 5
The constituent entity must keep and retain in safe custody all records that it uses to prepare a country‑by‑country report for an accounting period for a period of at least 5 years after the end of the accounting period.
Subregulation 6
Amended byS 869/2021 wef 16/11/2021
A requirement under paragraph (3) or (4) is a requirement under section 105M(1)(b) of the Act, the failure or neglect to comply with which (if such failure or neglect is without reasonable excuse) is an offence under section 105M(1) of the Act.
Subregulation 7
Amended byS 869/2021 wef 16/11/2021
A requirement under paragraph (5) is a requirement the failure or neglect to comply with which (if such failure or neglect is without reasonable excuse) is an offence under section 105M(1B) of the Act.
Common questions
- What is Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018?
- Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S75-2018 1947, currently marked in force and first recorded in 1947.
- Is Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018 still in force?
- Yes — Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018 is currently in force.
- When did Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018 take effect?
- Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018 was first recorded in 1947.
- How many regulations does Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018 have?
- Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018 contains 5 regulations.
- Where can I read the official version of Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018?
- The official text of Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018 is published at sso.agc.gov.sg.