The Inland Revenue Authority of Singapore (IRAS) rolled out two new tax frameworks, the Tax Governance Framework (TGF) and the Tax Risk Management and Control Framework for Corporate Income Tax (CTRM), to help companies strengthen tax compliance.
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, governance structure for managing tax risks and relationship with tax authorities. The framework is applicable to both Corporate Income Tax (CIT) and Goods and Services Tax (GST), and can be adopted by any company willing to commit to good tax governance. Companies that attain the TGF status can enjoy a longer grace period for voluntary disclosure of tax errors:
For a GST-registered business accorded ACAP status, a one-time extended grace period of three years for voluntary disclosure of GST errors made within two years from the date of award of TGF status; or for a GST-registered business without ACAP status, a one-time extended grace period of two years for voluntary disclosure of GST errors made within two years from the award of TGF status.
Source Orbitax
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