,Singapore

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.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Banks should have enough buffers and find climate transition risks manageable.
The initiative is expected to improve the operating environment for SG businesses.
This includes the upgrade to the latest data acquisition and control system.
A potential incentive fee of up to $18m may be applied. 
This is part of the group’s efforts to spearhead maritime decarbonisation.
This is higher compared to September's retail sales YoY increase at 6.8%.
Restaurants experienced the most YoY decline at 24%. 
Over 40 companies were recognised in the 7th edition of the awards programme.
VTL scheme to proceed “without change” amidst detection of Omicron variant in Korea.
SATS, Sembcorp Industries, and the SGX led the index.
Birth rates in the country have declined since the pandemic began.
It represents a premium to the property’s book value of approximately $20.6m.
The move will be part of the redevelopment of the Central Mall properties.
It also waived its right to walk away from potential material adverse effects.