,Singapore

55% view tax compliance as an opportunity creator: survey

Respondents cited three opportunities offered by tax compliance.

About 55% of compliance leaders view tax compliance as an opportunity creator rather than just an obligation, a survey from audit and advisory firm, Mazars, found.

The opportunities seen by respondents from tax compliance were increased investor confidence(69%), a good reputation (61%), and increased client or customer trust (64%).

In pursuit of new opportunities, about 37% of businesses have their top executives or board members address compliance.

The engagement with compliance is done on a monthly basis or more by 25% of those surveyed, and every half-year by 45% of businesses.

A total of 51 senior accounting and tax compliance professionals working in multinational companies in Singapore were surveyed for the report.

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