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SINGAPORE: Singapore has been ranked fourth in a survey on VAT/GST-friendliness. The study by KPMG International covers senior finance professionals at 500 large corporations in 22 economies.
About half of the respondents rated errors in GST/VAT compliance as the top global tax risk for their organisation, significantly ahead of corporate tax risks.
Three-quarters expect governments to rely more on indirect taxation in the next five years.
According to KPMG, the results provide more evidence of the growing importance globally of indirect taxes.
Some two thirds of those surveyed felt that complex GST/VAT legislation would be the main issue for global businesses in the next five years. - CNA/vm
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