Tax Governance Framework

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Tax Governance Framework (TGF) is a voluntary compliance initiative introduced by the IRAS in February 2022, for businesses to demonstrate good tax governance and tax risk management.

Why the TGF was introduced

Inspire businesses to uphold good standards of tax governance.
Elevate the importance of tax governance to the Board level.
Minimise compliance costs by fostering a collaborative partnership with IRAS.

Benefits of the Tax Governance Framework (TGF)

Corporate Income Tax and Withholding Tax
GST (businesses with ACAP status)
GST (businesses without ACAP status)

Corporate Income Tax and Withholding Tax

A one-time extended grace period of two years, for the voluntary disclosure of CIT and WHT errors made within two years of the approval date of the TGF application.
GST (businesses with ACAP status)

GST-registered businesses accorded with Assisted Compliance Assurance Programme (ACAP) status: A one-time extended grace period of three years for voluntary disclosure of GST errors made within two years from the approval date of the TGF application.
GST (businesses without ACAP status)

GST-registered businesses without ACAP status: A one-time extended grace period of two years for voluntary disclosure of GST errors made within two years from the approval date of the TGF application.

Who is the tax governance framework meant for?

While all businesses can commit to the TGF, larger businesses are likely to see the most benefits (from the management of their tax risk) as they are likely to:

Have complex structures which require proper tax governance framework;
Appreciate the importance of tax accountability and transparency for its stakeholders; and
Preserve its reputation as a tax compliant company.

Building blocks of the tax governance framework

The tax governance policy has to be published on the corporate website or in the annual report which is publicly accessible and must include details of the company’s tax risk management framework based on the three essential building blocks.

Building Block	Principle	Key Practices
Compliance with Tax Laws	Commitment to comply with existing tax laws and regulations.	Ensure compliance with tax regulations through the company’s policies and operations.
Governance Structure for Managing Tax Risks	Raise awareness to the Board of the company’s tax governance structure and risk management.	Ensure that the Board is apprised of the tax governance and tax risk management policy. A system of controls and processes to provide accurate and complete tax returns.
Relationship with Tax Authorities	Foster transparent and collaborative relationship with IRAS.	Collaborate with IRAS to address tax uncertainties and provide full disclosure upon tax queries. Resolve tax errors efficiently.

The status granted is valid for as long as the tax governance policy remains publicly available and the tax governance practices are in order. No renewal of the TGF status is needed.

Applying for tax governance framework status

Step 1

The company must make their tax governance policy publicly available on its corporate website or in an annual report, providing detailed information on how the company manages tax risks according to the three building blocks.

Step 2

Complete the Declaration Form for tax governance framework and signed off by the Chief Executive Officer or Chief Financial Officer.

Step 3

Submit the tax governance framework application form for IRAS’s approval.

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