65% of businesses expect tax compliance to get harder in 5 years

Respondents cited two factors that pose challenges to tax compliance.

About 65% of businesses expect tax compliance to get harder in the next five years, a survey from audit and advisory firm Mazars, showed.

Almost half of the respondents (47%) cited pandemic as a challenge to compliance, while 43% said increased scrutiny from regulators will make it difficult to meet compliance requirements.

Looking into the last five years, the study found that 82% of businesses have already encountered accounting and tax compliance-related challenges.

These businesses said their failure to comply has brought them reputational damage (53%), internal disciplinary action (37%), and fines (35%).  

Mazars Singapore’s Partner and Head of Outsourcing, Chris Fuggle, said the cost of non-compliance will “grow heavier in the future.”

To counter future challenges, 78% of businesses said they will invest in new accounting and tax compliance technology over the next five years; however, 39% of them are being held back by a lack of team knowledge and skill.

Follow the link for more news on

Mazars

tax compliance

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia