On 4 January 2016, the Inland Revenue Authority of Singapore (IRAS) published the third edition of its transfer pricing guidelines. The main changes include: Guidance on the use of the cost plus method is expanded - covered in section 5 of the guidelines; The advance pricing agreement (APA) and mutual agreement procedure (MAP) processes are enhanced and clarified - covered in sections 8, 9 and 10; and It is specified that the arm's length principle should be applied when receiving a loan from a related party, in addition to when making a loan to a related party - covered in...