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 Inland Revenue Authority of Singapore has updated its circular “Income Tax Treatment of Foreign Exchange Gains or Losses for Businesses (Fourth Edition)” on 31 March 2021. The March 2021 update has added a definition of translation differences and a new annex on frequently asked questions about the designated bank account for designated revenue purposes and the application of the de-minimis limit.

The Singapore Finance Minister, Heng Swee Keat has presented Budget 2020 on 18 February 2020. Some of the measures were aimed at cash-flow enhancement in anticipation of projected economic speed-bumps ahead and in view of the likely disruption that will be created by COVID-19. These largely revolved around enhancements of the corporate tax rebate scheme and in the area of losses and capital allowances. We take a closer look at these below.