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Tax Bulletin

Tax Governance and Tax Risk Management Initiatives

On 17 February 2022, the Inland Revenue Authority of Singapore (IRAS) launched two new voluntary compliance initiatives: the Tax Governance Framework (TGF) and Tax Risk Management and Control Framework for Corporate Income Tax (CTRM). These are initiatives to promote the adoption of good tax governance principles and for the organisation to demonstrate that it has established a robust tax governance framework. The initiatives have been modelled upon the successful implementation of Goods and Services Tax Assisted Compliance Assurance Programme (GST ACAP) and other tax governance initiatives implemented by tax authorities around the world, e.g., Australian Taxation Office, HM Revenue & Customs and the Netherlands Tax and Customs Administration.

The TGF and CTRM complement the existing GST ACAP. An e-tax guide on the CTRM Programme was also published. These programmes operate independently, and a company may choose to adopt one or both initiatives according to its readiness and business objectives.

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