Mazars integrates with IRAS’ dedicated network to promote more seamless tax filing

Mazars in Singapore joins 5 other professional services firms in the country to be recognised by IRAS for the integration.

Mazars in Singapore, an international audit, tax and advisory firm is delighted to announce that we are now recognised as a tax agent that is integrated with the Inland Revenue Authority of Singapore (IRAS)’ External Value Network (EVN).

Mazars is among only 6 tax agent firms in the country which have successfully integrated with the IRAS’ system to file their clients' tax submissions seamlessly via EVN.

The EVN is a secure dedicated network that allows tax agents to file their clients' Estimated Chargeable Income (ECI) and Form C over secured platforms. IRAS recognises tax agents as key partners in administering the Singapore tax system and in facilitating tax compliance.

According to the IRAS website, tax agents and tax software providers are partners in its strategy to make tax filing more seamless and convenient through different digital solutions. As tax agents work closely with their clients, they also glean valuable insights into the clients’ business needs and concerns.

IRAS has formulated the Enhanced IRAS-Tax Agent Relationship Framework to support closer partnership and collaboration between tax agents and IRAS, particularly in the area of training and improving the competence of tax agents. Tax agents also serve as a valuable feedback provider for IRAS in the formulation and refinement of tax policies and practices.

With this integration, Mazars in Singapore will continue in our commitment to support our clients in meeting tax compliance and working with IRAS in facilitating business growth through effective tax policies.

Updated conditions for tax exemption of funds

The Monetary Authority of Singapore (“MAS”) has announced the updated conditions for family offices to receive tax incentives in Singapore, effective 18 April 2022.

Tax Governance Framework and Tax Risk Management

To encourage Singapore companies to adopt good tax governance and tax risk management practices so as to give confidence to its stakeholders and the general public that it is transparent in its tax matters and is contributing its fair share of taxes, the Inland Revenue Authority of Singapore (IRAS) recently introduced two new voluntary tax compliance initiatives:

Singapore seeks to explore 15% METR

Singapore is looking to update its corporate tax system to account for global tax developments relating to BEPS 2.0.

FATCA Obligations in Singapore

FATCA is a regulatory requirement for all Financial Institutions (FIs) outside the United States (US) to report, on a regular basis, information about Financial Accounts held by US persons to the US Internal Revenue Service (IRS).