SINGAPORE: The Inland Revenue Authority of Singapore has introduced two new tax frameworks to help companies manage corporate tax and Goods and Services Tax matters, it announced on Friday .
The Tax Governance Framework focuses on strengthening the tax governance standards and elevating them to the Board level. Meanwhile, the Tax Risk Management and Control Framework for Corporate Income Tax is targeted at large companies with"complex structures and business models", said IRAS. Under the Tax Governance Framework, companies that attain the TGF status can enjoy a longer grace period for voluntary disclosure of tax errors.
For GST-registered businesses without ACAP status, they can enjoy a one-time extended grace period of two years for voluntary disclosure of GST errors made within two years from the award of the status.