, Singapore

IRAS rolls out 2 new tax frameworks

The move aimed to strengthen corporate governance.

The Inland Revenue Authority of Singapore (IRAS) rolled out two new tax frameworks to help companies strengthen tax compliance. The Tax Governance Framework (TGF) and the Tax Risk Management and Control Framework for Corporate Income Tax (CTRM) will complement the existing Goods and Services Tax Assisted Compliance Assurance Programme (GST ACAP).

The TGF focuses on strengthening the tax governance standards in a company and elevating them to the Board level. It features a set of broad principles and practices around three main building blocks of good tax governance: compliance with tax laws, a governance structure for managing tax risks, and a relationship with tax authorities.

Meanwhile, the CTRM targets large companies with complex structures and business models. It guides these companies in establishing robust internal controls and processes to identify, mitigate and monitor key CIT risks. The framework comprises a self-review checklist featuring processes and measures that would demonstrate that sound controls are in place to manage tax risks.

Inland revenue commissioner Ng Wai Choong said, "While the TGF, CTRM, and GST ACAP are voluntary compliance initiatives that operate independently, we strongly encourage companies to adopt all three frameworks to ensure proper internal controls and systems are in place to manage their tax risks. By doing so, companies will give confidence to their stakeholders that they are effective in managing tax risks and transparent with their tax matters, as well as enjoy lower compliance costs in the long run."

The IRAS said it will continue to work closely with companies to enable them to build a sustainable infrastructure that supports voluntary compliance.

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