On November 3, 2023, the Ministry of Finance (MOF) and the Inland Revenue Authority of Singapore (IRAS) initiated a public consultation to amend the IRAS Act, with the goal of facilitating the administration of broad-based grants to businesses.

The proposed amendments include designating IRAS as the administrator for scheduled public schemes on behalf of the Singapore government or statutory bodies. This change is expected to enhance the efficiency and effectiveness of grant distribution and management.

Additionally, the amendments will grant IRAS the authority to collect necessary information from enterprises and individuals, as well as to investigate potential violations such as misrepresentation and fraud. This measure aims to empower IRAS to conduct thorough audits and investigations.

IRAS is also considering defining misrepresentation of information as an offense, alongside introducing penalties to deter fraud and abuse related to enterprise grants. Furthermore, the proposed changes may allow IRAS to compound offenses under the IRAS Act, adding a layer of enforcement capability.

The details of these proposed changes are outlined in the IRAS (Amendment) Bill, which is open for public consultation until November 19, 2023. Interested parties can access the consultation documents on the MOF’s website and the Reach consultation portal, submitting their comments via FormSG at go.gov.sg/iras-bill. All feedback collected during the consultation will be carefully reviewed.

If the proposed amendments are accepted, they will be incorporated into the Bill to be presented in Parliament.