On or about 17 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has updates its website content to tax governance and tax risk management.
Tax governance and tax risk management are essential to a good corporate governance.
Tax governance encompasses a well-defined and communicated corporate policy on taxation that is approved at the strategic level of a company, and reflects the attitude and culture of the company towards managing its tax risks.
Tax risk management involves implementing a robust tax control framework to identify, mitigate and monitor key tax risks on an ongoing basis.
Companies that adopt good tax governance and tax risk management practices will provide confidence to its stakeholders and general public to its transparent in tax matters and its contributing to fair share of taxes.
Comapnies may participate in the following IRAS’ initiatives to demonstrate good tax governance and tax risk management:
- Tax Governance Framework (TGF) New!
- Tax Risk Management and Control Framework for Corporate Income Tax (CTRM) New!
- GST Assisted Compliance Assurance Programme (ACAP)
For more information, please refer to IRAS’s webite.