Tax Governance and Policy has been saved
Tax Governance and Policy
Due to a focus on tax base erosion in recent years and exacerbated by the extraordinary spending by governments pursuant to COVID-19, it can be expected that tax authorities will step up tax collection efforts in terms of tax audit frequency and may impose stricter requirements relating to tax processes. A sound Tax Governance Framework can support tax functions in terms of overall tax risk management, and a well-defined Tax Control System can help to structure and prioritise tax relevant tasks. In doing so, the Tax Control System can help to allocate the tax oversight responsibilities and tax data management, thereby managing mistakes or errors and hence mitigating penalties. Deloitte can help evaluate your organisation’s tax processes and perform appropriate analysis to identify potential gaps against Deloitte’s eight-step “Global Process Approach”.
Tax Governance—Do you have the right processes?
Tax governance in the age of digitalisation
Fiscal sustainability remains high on the agenda of global economies. The COVID-19 induced recession has caused unprecedented budget deficits in many countries as they implemented policies to protect workers and businesses. Singapore is no exception. In fact, to recover the COVID-19 spending, the UK has just announced an increase in the corporation tax rate from 19% to 25% with effect from April 2023, for companies with profits exceeding £250,000. Find out more about tax governance and co-operative tax compliance through this opinion piece by our Tax Policy leader Daniel Ho, Tax Management Consulting Partner Piyus Vallabh, and Singapore Tax Director Andreas Kirsch.
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