What new sections are included in the revised Tax Corporate Governance Framework?

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New Sections Added to Tax Corporate Governance Framework Documents

The updated materials for the Tax Corporate Governance (TCG) Programme now include new sections focusing on the Tax Control Framework and Reporting Tax Governance, Control and Risk Management. These additions aim to enhance transparency and accountability within corporate tax compliance. The revised Tax Corporate Governance Framework (TCGF) itself has been restructured to place a stronger emphasis on the practical implementation of the TCG Programme.
Enhanced Tax Control Framework

New content has been introduced specifically addressing the Tax Control Framework. This development is part of the broader update to the TCGF and its accompanying guidelines, which are now available on the Inland Revenue Board's (LHDN) official website. These updates are designed to provide clearer guidance to taxpayers on managing their tax obligations.
Reporting Tax Governance, Control and Risk Management

The revised documents also incorporate a new section dedicated to Reporting Tax Governance, Control and Risk Management. This addition reflects a commitment to more comprehensive reporting standards for businesses. The LHDN has made these updated materials available for taxpayers' reference, alongside a revised list of frequently asked questions (FAQs).
Emphasis on Programme Implementation and Monitoring

The guidelines accompanying the revised TCGF have undergone a restructuring. This change prioritises the implementation of the TCG Programme, offering more explicit explanations of monitoring processes. Furthermore, the updated guidelines clarify the specific responsibilities expected of participants who have been confirmed within the programme.
Informed by Best Practices and Stakeholder Feedback

The revisions to the TCGF documents were shaped by an analysis of international best practices. Additionally, feedback gathered from engagement sessions with various government agencies, organisations, stakeholders, and tax professionals directly informed these updates. The TCG Programme, initially launched on March 1, 2022, seeks to cultivate a more transparent relationship between LHDN and taxpayers, promoting fair and effective tax compliance.

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What new sections are included in the revised Tax Corporate Governance Framework?

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