Globalisation, volatility in economies, and changes to accounting rules and tax policies are increasing tax risk exposures for companies.
There is tremendous pressure to maintain or increase tax collections in a declining tax rate environment while keeping tax administration costs low.
Many tax authorities are cooperating internationally on tax matters, exchanging information, and adopting a risk based scrutiny approach.
They are also strengthening and increasing tax collections, and improving enforcement of processes and procedures.
As a result, many companies like yours are dedicating more time and attention to coordinating and managing their tax affairs.
Our tax risk & dispute management team offers a proactive and coordinated approach to tax risk and dispute management.
The team comprises seasoned tax practitioners, lawyers and accountants, many of whom are familiar with the Singapore tax system having previously worked for the Inland Revenue Authority of Singapore (IRAS).
Drawing on our experience and expertise, we can help design robust tax compliance controls and guide you on the effective management of tax disputes.
With our advice and help, your resources will probably be more efficiently employed, you will be able to unlock value tied up in unresolved tax issues, and also better manage your penalty exposure.
By leveraging our combined experiences, we are well-placed to support you in the following aspects:
Advisory on Tax Governance and Control Framework
- advise on the formulation of tax governance policies and transformation of tax function
- manage risks through review of and improvements to processes and internal controls in place
- validate effectiveness of tax controls/procedures and implement tax strategies
Advisory on Management of Identified Specific Tax Risks
- assist with applications for tax clarification or ruling to manage tax uncertainties
- advise and assist with voluntary disclosure of non tax compliance as well as manage and liaise with IRAS on reduction of penalties (if applicable)
Advisory on Tax Disputes Management
- assist with queries from IRAS
- negotiate an amicable resolution to and settlement of contentious tax issues
- manage and respond to IRAS’ tax audits or investigations.