VATupdate

Update on initiatives to demonstrate good tax governance and tax risk management

Singapore companies may participate in three voluntary compliance initiatives offered by the Inland Revenue Authority of Singapore (IRAS) to help demonstrate good tax governance and tax risk management. The Goods and Services Tax (GST) Assisted Compliance Assurance Programme (ACAP), available since 2011, was joined by the Tax Governance Framework (TGF) and Tax Risk Management Control Framework for Corporate Income Tax (CTRM) as from 17 February 2022. Companies are strongly encouraged to adopt all three initiatives, although each initiative can be operated independently.

Source Deloitte

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