Over 50 Tax Administrations Convene in Singapore for the First-Ever FTA Plenary Meeting
Singapore, 11 Oct 2023 – The 16th Forum on Tax Administration (FTA) Plenary convened in Singapore from 11 to 13 October 2023, marking the first time this global gathering of tax administrations has taken place in the city-state. The event brought together tax officials and professionals from over 50 jurisdictions worldwide, all focused on forging partnerships to enhance the taxpayer experience and improve the efficiency of tax administrations.
In a keynote address, Mr Chee Hong Tat, Acting Minister for Transport and Senior Minister of State for Finance, emphasized the role of InvoiceNow in streamlining GST compliance for businesses, highlighting its potential to boost productivity.
Fostering Global Excellence in Tax Administration:
Established in 2002, the FTA serves as a platform for more than 50 tax administrations globally to collaborate, share knowledge, and develop innovative approaches to enhance tax administration. The annual FTA Plenary meeting is a cornerstone event in the international tax policy agenda, facilitating knowledge exchange and collaborative projects.
16th FTA Plenary Meeting – Collaboration and Partnership:
Themed “Partnerships,” the conference delved into Singapore’s Smart Nation initiative, with a special presentation by Chan Cheow Hoe, Government Chief Digital Technology Officer of the Smart Nation and Digital Government Office. The event featured insights from local and international experts on leveraging digitalization to advance tax administration.
Leveraging InvoiceNow for Tax Administration:
Singapore’s adoption of the international PEPPOL standard for e-invoicing, known as InvoiceNow, has revolutionized invoice processing. This system allows for direct transmission of e-invoices, expediting payment processes and significantly reducing the time businesses spend on invoice-related tasks.
Furthermore, InvoiceNow extends its support to cross-border transactions, connecting businesses in Singapore with counterparts in Australia, Germany, Japan, New Zealand, and the United Kingdom. Currently, over 55,000 businesses and 200 solution providers are connected to the InvoiceNow network in Singapore.
Collaborative Efforts for a Seamless Tax Experience:
IRAS has collaborated with various agencies, including the Central Provident Fund Board (CPFB), Ministry of Manpower (MOM), and GovTech, to simplify data submissions for businesses. The One-Stop Payroll pilot initiative allows businesses to file relevant information seamlessly through their payroll software.
Moreover, IRAS has worked closely with self-employed individuals and industry associations on the Fixed Expense Deduction Ratio (FEDR) initiative. This effort simplifies tax filing for qualifying private hire car/taxi drivers and commission agents, enhancing compliance and reducing administrative burdens.
Singapore’s Role in International Tax Discourse:
Singapore, as an active member of the FTA Bureau since 2019, plays a pivotal role in shaping global tax administration improvements. Commissioner Ng Wai Choong of IRAS highlighted Singapore’s commitment to fostering seamless tax processes both domestically and in cross-border contexts.
FTA Chair Bob Hamilton expressed gratitude to Commissioner Ng and IRAS for hosting this crucial meeting, emphasizing its significance in strengthening international tax administration.
For further information on these initiatives, stay tuned for updates from the Inland Revenue Authority of Singapore (IRAS).
