As the tax environment changes, businesses must drive change from within

THESE are challenging times for corporate tax leaders. From a rapidly changing regulatory landscape to the digitalisation of tax authorities’ systems resulting in the rising need to update processes, large companies face a lot of pressure in their tax operations.

Corporate tax leaders are also facing challenges such as increased risk of audits, lack of visibility and control over their tax functions, and lagging behind in the digital race. It will be difficult to strengthen compliance and add value to the business unless tax departments change how they work.

Keeping up with an evolving tax regime

Like corporate taxpayers in many parts of the world, companies in Singapore have had to keep up with numerous regulatory shifts in recent years. Key among them is the formalisation of tax governance rules through the rollout of the Tax Governance Framework and the Tax Risk Management and Control Framework for Corporate Income Tax.