Compliance With Tax Laws

Principle:

The Company is committed to comply with the relevant tax laws, regulations and requirements and respects the intent of the laws and regulations.

Key Practices:

A. The Company's tax compliance strategy is:

  i. to comply with the Singapore tax rules to the best of its ability and when in doubt, consult with the external tax professionals.

  ii. to ensure taxes are paid on time and in accordance with the applicable tax rules; and

  iii. to prepare and retain the documentation required by the tax law.

B. Where a new tax law is introduced and its application is unclear, the Company consults with external tax professionals and where appropriate, may seek advice or advance ruling from tax authorities to ensure the Company's position is aligned with the intent of the tax law.

C. The Company’s structure and activities are driven by business and commercial rationale. The aim is to be compliant and understand the Company’s tax responsibilities.

Governance Structure for Managing Tax Risks

Principle:

Apprising the Board of the tax governance policy and key tax risks.

Key Practices:

A. The Board of Directors takes full responsibility for complying with the tax laws in Singapore. However, day-to-day management and operation of the business and tax compliance matters is delegated to the Finance Manager, as tax is part of the finance function.

B. Tax in Singapore is managed diligently with assistance of external tax professionals. Decisions are supported by written documentation and where assistance of external tax professionals are obtained, the professional opinion is filed.

C. The Board of Directors is responsible for overseeing the Company’s tax governance framework which is aligned with the best practices in IRAS’ Tax Governance Framework.

D. The Company has clear documented processes and controls relating to Singapore tax compliance, which are subject to periodic reviews and are updated as needed to reflect business and legislative changes.

E. The Company reviews the key tax risks on an ongoing basis and where there is a material issue, matters are escalated to the Board.

Relationship with Tax Authorities

Principle:

The Company supports a collaborative and transparent relationship with tax authorities based on mutual trust and respect.

Key Practices:

A. The Company is committed to working in a collaborative, transparent and professional way with the Inland Revenue Authority of Singapore (“IRAS”). The Company demonstrates this by voluntarily enrolling in IRAS’ Voluntary Compliance Initiatives (e.g., the Assisted Compliance Assurance Programme, where the Company was accorded with the ‘ACAP Premium’ status).

B. The Company aims for certainty on arrangements it adopts. However, where tax law is unclear or subject to interpretation, consultation is made with external tax professionals or where appropriate with the IRAS.

C. Where tax queries are raised by IRAS, the Company adopts a proactive approach and will co-operate to provide information to IRAS with the aim to resolve the queries promptly.