Some of you might already be aware that the Inland Revenue Authority of Singapore (IRAS) has sent letters directly to a number of fund management companies to review their income tax compliance function and processes.
These letters give a list of common errors made by taxpayers and request that, before the IRAS commences its review/audit, the taxpayer conducts a self-review of its tax matters. The taxpayer then has to submit a declaration that its tax return is in order.
To give you further insight into the focus areas of the IRAS and to help you assess your readiness for the new approach to tax assessment being adopted by the IRAS, PwC organised a briefing session on 26 June 2012 to discuss the practical implications and approach to these letters.
For more information on this briefing you may download the presentation materials, or contact Tan Hui Cheng and Stephen Banfield if you have further queries.