eBookUsing tax technology to support the IRAS’s tax governance requirements
The Inland Revenue Authority of Singapore (IRAS) Tax Governance and Tax Risk Management is a whole-of-tax approach to engage and measure the tax risk profile of the largest corporate taxpayers in Singapore. The objective of IRAS’ Tax Governance and Tax Risk Management initiatives is to promote the adoption of good tax governance principles. More than just making sure risks don’t arise, the framework is also designed to understand each organization’s profile to ensure that organisations is paying their fair share of tax. It involves identifying potential risks and future areas of focus and areas of tax that are managed properly, leading to an assurance benchmark for the organisations.
There is no one ‘solution’ to the tax assurance program. Ultimately, it is an assessment of your organisations based on an array of matters starting with your organization’s governance framework, qualitative and quantitative risk profile, as well as an assessment of actual results relative to current and prior year results and relative to the industry.
While there are many steps to take to prepare for an assurance review, it is important to ensure that your organisation understands IRAS’s approach and review methodologies. Download this free guide to help you understand what the IRAS believes better tax corporate governance practices look like, so you can: