A new organisation will be set up to accredit tax practitioners, as part of efforts to improve the efficiency and quality of tax audits in Singapore.
The new institute, set up by the Institute of Certified Public Accountants of Singapore (ICPAS) in partnership with the Inland Revenue Authority of Singapore (IRAS), is expected to be up and running early next year.
While the accreditation scheme is not compulsory, tax professionals will be able to benefit from the professional recognition as well as programmes designed to improve their technical skills and knowledge on tax-related matters.
Participants will have to attend a structured tax training accredited programme which will be conducted by the Tax Academy of Singapore and may be required to complete relevant examinations before getting accredited.
They can then earn titles of either an accredited tax practitioner or an accredited tax advisor, depending on their level of experience.
'The benefits for the economy as a whole will be improved tax compliance, and lower compliance costs, and overall a more business friendly operating environment,' said Mr Lee Yi Shyan, Minister of State for Trade and Industry and Manpower on Thursday at the Asia-Pacific Taxation conference, where the scheme was unveiled.
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