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Tax controversies around the world have led to growing public scrutiny of tax planning and the role played by providers of tax planning services. Questions have been raised regarding the expected ethical and professional behaviour when accountants are involved in developing tax minimisation strategies that are perceived as “aggressive”.
In response to public concerns about tax avoidance and the role played by providers of tax planning services, the Tax Planning Standards issued by the International Ethics Standards Board for Accountants (IESBA) provide a principles-based framework and a global ethical benchmark applicable to tax planning services and activities. IESBA’s Tax Planning Standards establish a consistent point of reference for accountants, as well as other tax professionals, who are strongly encouraged to use these standards when dealing with tax planning, to ensure due consideration of public interest as well as potential reputational, commercial and wider economic consequences for their clients or employing organisations.
In Singapore, the ISCA Code of Professional Conduct and Ethics (EP 100) establishes ethical requirements for ISCA members and is modelled after the IESBA Code. EP 100 (revised on 20 March 2025) has adopted IESBA’s Tax Planning Standards and contains new Sections 280 and 380 to address tax planning and related services with an expected effective date of 1 July 2025.
In this article, we will look at tax planning arrangements that are regarded as legitimate, where the taxpayer is doing no more than what the policymakers contemplated, in taking a lawful advantage of an exemption or relief provided for in the tax statute.
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