Insights

The Tax Risk Management & Control Framework for Corporate Income Tax, also known as CTRM, is meant for companies to voluntarily review their internal controls and risk management processes.

On 17 February 2022, the IRAS introduced the Tax Governance Framework ("TGF"), alongside the Tax Risk Management & Control Framework for Corporate Income Tax (“CTRM”) for companies to demonstrate their good tax governance policy for corporate income tax, GST and withholding taxes. It is a voluntary compliance initiative that a company may participate in to demonstrate that it has good tax governance and tax risks management

The Monetary Authority of Singapore (MAS) announced that single family offices will have to meet stricter criteria in order to qualify for the tax exemptions under sections 13O and 13U of the Income Tax Act (ITA). These new criteria will take effect for applications received from 18 April 2022 onwards.