On 18 March 2022, the Inland Revenue Authority of Singapore (“IRAS“) announced the roll-out of two new tax frameworks to help companies strengthen their tax compliance. These are the Tax Governance Framework (“TGF“) and the Tax Risk Management and Control Framework for Corporate Income Tax (“CTRM“).
Together with the existing Goods and Services Tax (“GST“) Assisted Compliance Assurance Programme (“ACAP“) which was introduced in 2011, the TGF and CTRM provide a suite of voluntary compliance tools that companies can adopt holistically or as independent programmes. They were co-designed between IRAS and various stakeholders, including the Big 4 accounting firms and the Singapore Chartered Tax Professionals (“SCTP“), taking into account feedback gathered through a pilot programme.
In this Update, we provide an overview of the features and benefits of the two Frameworks.
For more information, click here to read the full Legal Update.
