On 18 March 2022, the Inland Revenue Authority of Singapore (“IRAS”) introduced two new voluntary corporate income tax (“CIT”) compliance initiatives, namely, the Tax Governance Framework (“TGF”) and the Tax Risk Management and Control Framework for Corporate Income Tax (“CTRM”), to strengthen corporate governance among businesses through the adoption of sound tax governance principles and practices. The TGF and CTRM are intended to complement the existing Goods and Services Tax (“GST”) Assisted Tax Compliance Assurance Programme (“ACAP”).

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