65% of businesses expect tax compliance to get harder in 5 years

Respondents cited two factors that pose challenges to tax compliance.

About 65% of businesses expect tax compliance to get harder in the next five years, a survey from audit and advisory firm Mazars, showed.

Almost half of the respondents (47%) cited pandemic as a challenge to compliance, while 43% said increased scrutiny from regulators will make it difficult to meet compliance requirements.

Looking into the last five years, the study found that 82% of businesses have already encountered accounting and tax compliance-related challenges. 

These businesses said their failure to comply has brought them reputational damage (53%), internal disciplinary action (37%), and fines (35%).

Mazars Singapore’s Partner and Head of Outsourcing, Chris Fuggle, said the cost of non-compliance will “grow heavier in the future.”

To counter future challenges, 78% of businesses said they will invest in new accounting and tax compliance technology over the next five years; however, 39% of them are being held back by a lack of team knowledge and skill.

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