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Due to the strategic location and the business-friendly environment that Singapore offers, many multinational enterprise (MNE) groups have centralized operations in Singapore, and they often function as the global/regional headquarters (HQ) of the MNEs. With increasing focus on these structures and the associated transfer pricing arrangements (both domestically and overseas), the Inland Revenue Authority of Singapore (IRAS) published an e-tax guide entitled “Transfer Pricing Guidelines Special Topic – Centralized Activities in Multinational Enterprise Groups” (“Guide”) on 19 March 2021 to provide administrative guidance on determining an arm’s length remuneration for centralized activities in Singapore.

In this alert, we discuss the Guide, and provide transfer pricing insights for HQs located in Singapore.

On 26 February 2021, the Singapore Ministry of Health (MOH) announced that it is introducing a new voluntary listing of direct telemedicine service providers, to assist patients with making informed choices when selecting telemedicine service providers. According to the MOH, this scheme will be an interim measure to promote patient safety and welfare in the provision of telemedicine services, pending the upcoming regulation of telemedicine services under the new soon-to-be-implemented Healthcare Services Act.

In a recent action brought before the Singapore High Court, the summary dismissal of Wong Sung Boon by Fuji Xerox Singapore Pte Ltd (“FXS”) was found to be without basis and unlawful, and FXS was ordered to pay damages of SGD 1.4 million. In assessing the quantum of damages, the High Court re-affirmed the minimum obligation rule. This case illustrates the importance of ensuring that summary dismissals are carried out in accordance with the law and the decision to summarily dismiss an employee must be taken with due care.

On 26 February 2021, the Singapore Ministry of Health (MOH) announced that it is introducing a new voluntary listing of direct telemedicine service providers, to assist patients with making informed choices when selecting telemedicine service providers. According to the MOH, this scheme will be an interim measure to promote patient safety and welfare in the provision of telemedicine services, pending the upcoming regulation of telemedicine services under the new soon-to-be-implemented Healthcare Services Act.