Inspire businesses to uphold good standards of tax governance.
Elevate the importance of tax governance to the Board level.
Minimise compliance costs by fostering a collaborative partnership with IRAS.
A one-time extended grace period of two years, for the voluntary disclosure of CIT and WHT errors made within two years of the approval date of the TGF application.
GST-registered businesses accorded with Assisted Compliance Assurance Programme (ACAP) status: A one-time extended grace period of three years for voluntary disclosure of GST errors made within two years from the approval date of the TGF application.
GST-registered businesses without ACAP status: A one-time extended grace period of two years for voluntary disclosure of GST errors made within two years from the approval date of the TGF application.
While all businesses can commit to the TGF, larger businesses are likely to see the most benefits (from the management of their tax risk) as they are likely to:
The tax governance policy has to be published on the corporate website or in the annual report which is publicly accessible and must include details of the company’s tax risk management framework based on the three essential building blocks.
|
Building Block |
Principle |
Key Practices |
|
Compliance with Tax Laws |
Commitment to comply with existing tax laws and regulations.
|
Ensure compliance with tax regulations through the company’s policies and operations. |
|
Governance Structure for Managing Tax Risks |
Raise awareness to the Board of the company’s tax governance structure and risk management. |
Ensure that the Board is apprised of the tax governance and tax risk management policy.
A system of controls and processes to provide accurate and complete tax returns. |
|
Relationship with Tax Authorities |
Foster transparent and collaborative relationship with IRAS. |
Collaborate with IRAS to address tax uncertainties and provide full disclosure upon tax queries.
Resolve tax errors efficiently. |
The status granted is valid for as long as the tax governance policy remains publicly available and the tax governance practices are in order. No renewal of the TGF status is needed.
As your journey progresses, challenges may arise, goals may shift, and needs may change. Our agile approach allow us to quickly adapt as things evolve.
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Our team comprises accredited tax professionals who have successfully helped clients achieve tax efficiencies while staying compliant with the regulations.
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