Recent revelations such as Paradise Paper expose have highlighted how many companies went to great lengths to try to minimize their tax burdens.
KPMG executive director (tax risk management) Soh Lian Seng acknowledges there has been a significant level of non-compliance among corporates in the past, although it is unclear how that compared with other jurisdiction.
He, however, notes that the IRB has been steadily increasing its monitoring and curbing efforts on errant corporates. “Recently, the IRB has increased its effort in conducting more tax audits and tax investigations on corporates to monitor higher compliance while trying to clamp down errant corporates. The IRB has been targeting different industry corporate players.”
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