This time, the Transfer Pricing Solutions team flew from India, Malaysia and Singapore to our Head Office in Mornington, Australia. There were a number of activities/events arranged for us apart from the usual work routine. We began the week with an insightful mindset training.
Monday, 3 June 2019 – InspireTribe
InspireTribe is a mindset coaching intended to help individuals pinpoint what’s holding them back and discover how to live to their fullest potential. We gained understanding on ‘Emotional Intelligence’ inr order to get the most out of our relationships at the office, with clients and personally.
Thanks to Nikk Hughes from Inspire Tribe Mindset Coaching who really pushed our thinking. The InspireTribe training was also attended by the Australian team.
Right after the coaching session, we headed to a restaurant close to our office for dinner. The dinner at Kirks on the Esplanade was fantastic, we couldn’t have had the ice breaking session with the Australian team in any other way.
Wednesday, 5 June 2019 – Peninsula Hot Springs
Our Director, Shannon Smit had arranged for a trip to the hot springs after work at the Peninsula Hot Springs. Peninsula Hot Springs is an award-winning natural hot springs and day spa destination. Natural thermal mineral waters flow into the pools and private baths at its coastal oasis, providing an idyllic setting for relaxation and rejuvenation.
Needless to say, the experience is something worth remembering. We had a wonderful time hopping between pools, bath houses and steam rooms. It was great to be able to catch up with each other and finally have everyone to be at one location.
We are thankful to our Directors for sharing with us this amazing experience.
Singapore is often a preferred location for setting up headquarters as the door to conduct business in Asia. The IRAS has released its views on how Singapore HQ's should plan and implement their transfer pricing framework. Want to know more? Read our article with our views on IRAS TP Guidelines for Singapore HQs.
The Malaysian Finance Bill 2020 incorporates transfer pricing-related changes to the current Income Tax Act, 1967 (“ITA”). The changes permit significantly greater authority to the Malaysia Inland Revenue Board (“MIRB”) and re-emphasises the importance of transfer pricing compliance, with effect from 1 January 2021.
Singapore introduced compulsory transfer pricing documentation effective from the year of assessment (YA) 2019. A new penalty regime was also included for non-compliance with the TP documentation requirements.