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Good corporate governance & tax risk management
As published in New Straits Times, Malaysia, 10 February 2015
Dr Veerinderjeet Singh said, "Corporate governance is about being transparent, managing risks effectively, being accountable to all the constituents or stakeholders and therefore behaving ethically.
Managing the tax risks of a corporation is a governance issue for the board of directors. No corporation would want to be the subject of publicity in terms of non-compliance with the tax law. In current self-assessment environment where tax audits by the Inland Revenue Board are common, the issue of governance in taxation encompasses various constituents, which includes taxpayers, tax authorities, tax advisers/practitioners and professional bodies.
The focus in this column is on corporations. For the tax authorities, governance would entail looking at the organisational set-up, transparency in decision-making including staff promotions, developing a positive mindset, responsible behavior towards taxpayers, etc. Tax consultants need to service their clients responsibly, have risk management strategies in place, exercise reasonable care, apply high ethical standards, etc."
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