Singapore - IRAS Unveils New Corporate Income Tax Compliance Initiatives.

April 1, 2022 by Soniya BK

On 18 March 2022, the Inland Revenue Authority of Singapore (“IRAS”) introduced two new voluntary corporate income tax (“CIT”) compliance initiatives, namely, the Tax Governance Framework (“TGF”) and the Tax Risk Management and Control Framework for Corporate Income Tax (“CTRM”), to strengthen corporate governance among businesses through the adoption of sound tax governance principles and practices.

The TGF and CTRM are intended to complement the existing Goods and Services Tax (“GST”) Assisted Tax Compliance Assurance Programme (“ACAP”).

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For further information, please contact:

Eugene Lim – WTS Taxise,
eugene.lim@TaxiseAsia.com

Eugene Lim is an international tax and trade lawyer who works extensively in the Asia Pacific region. He is a founding Principal with WTS Taxise, a specialist international tax, transfer pricing and international trade practice comprising of a boutique Singapore law corporation, Taxise Asia LLC, and a boutique tax consulting firm, Taxise Asia Consulting Pte Ltd.

WTS Taxise is the exclusive member for Singapore of WTS Global, a global tax network of independent tax advisory firms with presence in more than 100 countries. Previously, Eugene was based in Hong Kong and China for 1 years before moving to Singapore in 2014 to head the Singapore Tax, Trade and Wealth Management practice in one of the largest international law firms in Singapore. He has extensive experience relating to the structuring of supply chain and distribution strategies in the Asia Pacific region as well as in international tax and trade matters.