Taxpayers can report rounded figures in their country-by-country (CbC) reports, Singapore’s tax authority has clarified.
The third edition of IRAS e-Tax Guide on Country-by-Country Reporting, which was published on August 7, notes that companies can report rounded figures in their CbC reports if the source data from which those amounts have been obtained consist of rounded figures.
The tax authority noted that companies should ensure that the rounding does not have a material impact in terms of understanding the CbC report.
“When rounding off to the nearest thousand, companies would still have to show the figures in full. For example, if the rounded figure is SGD1,126,000, it should be entered in the CbC report as SGD1,126,000 and not SGD1,126,” the guidance notes.