Have you ever wondered why companies, from large multinationals to innovative start-ups, are drawn to set up their business operations in Singapore? Our pro-business environment is a major attraction, supported by established infrastructure, a highly skilled workforce, and a robust rule of law. Another important factor is Singapore’s Corporate Tax regime.
Our Corporate Tax regime is designed to promote growth and internationalisation among enterprises. An efficient tax administration coupled with tax policies customised to Singapore’s needs play a significant role. Ong Zhong Teck, a Corporate Tax Specialist with the Corporate Tax Division, shares some insights on his work experience with Corporate Tax.
1. What does Corporate Tax mean to you in one sentence?
Zhong Teck: Corporate Tax is more than numbers.
2. Why did you choose to become a Corporate Tax Specialist in IRAS?
Zhong Teck: I stumbled into the tax profession by chance. Initially, I viewed Corporate Tax as a monotonous number-crunching task, which didn’t appeal to me. However, this perspective changed as I found that Corporate Tax work is a blend of accounting and law, which piqued my interest.
Being a Corporate Tax Specialist in IRAS has allowed me to explore various aspects of the field. My diverse private sector experience has helped me better understand the work we do in IRAS. I have had the opportunity to engage in different work, including tax audit assessments, tax policy formulation and tax governance. I am grateful for these opportunities as each experience has been both valuable and rewarding.
3. What are some key takeaways for businesses during your role handling tax audit assessments?
Zhong Teck: Maintaining proper business records is crucial. Although businesses are generally not required to submit these records when submitting their income tax returns, they must provide them upon request. Establishing a proper record keeping system would help businesses to furnish such information when called upon to submit.
Staying updated with tax laws is also essential. Businesses need to be aware of any changes in tax laws to understand and assess such impact. While preparation for income tax returns is usually straightforward, a deeper analysis on certain tax treatments would be necessary for complex transactions. Attending tax training sessions conducted by organisations such as Tax Academy and the Singapore Chartered Tax Professionals can be beneficial.
4. How has tax filing changed since you started your career?
Zhong Teck: When I began my career, tax filing was submitted on printed paper Form C. Since then, on top of Form C, simplified forms like Form C-S and Form C-S (Lite) have been introduced to reduce the administrative burden on businesses. All these forms can also now be submitted electronically before the filing deadline, greatly improving convenience for businesses.
To further enhance the taxpayer experience, IRAS is promoting Seamless Filing from Software (SFFS). This allows qualifying companies to submit Form C-S directly to IRAS with just a few clicks during the corporate filing season.
5. What keeps you motivated?
The variety of work involved in corporate tax keeps me motivated. No two days are the same, and each day brings new challenges. This diversity and continuous learning it involve continues to drive my passion for corporate tax work.