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Tax Newsbites PwC Singapore l Tax Services Singapore updates Income Tax (Amendment) Act 2020 The Income Tax (Amendment) Act 2020 was published on 11 December 2020. There are no material changes to the Income Tax (Amendment) Bill 2020. Click here for PwC’s commentary on the Income Tax (Amendment) Bill 2020. Goods and Services Tax (Amendment) Act 2020 The Goods and Services Tax (Amendment) Act 2020 was published on 11 December 2020. There are no material changes to the Goods and Services Tax (Amendment) Bill 2020. Goods and services tax treatment for transfer pricing The Inland Revenue Authority of Singapore (IRAS) issued a circular on 9 November 2020 to explain the goods and services tax (GST) treatment for adjustments on the transfer prices of transactions between related parties. Click here for details. Indicative margin on related party loan The indicative margin which taxpayers can apply (in lieu of a transfer pricing study) on each related party loan not exceeding S$15 million duri...