the government to take action.Authorities may consider more severe audits as tax collection drops due to the economic downturn and recent tax cuts,said Mr Somboon. "Conducting a self-review is important to lower the chance that an audit uncovers a compliance risk.It's crucial for taxpayers to undergo a tax health assessment and truly understand the changes required rather than waiting for questions from the tax authorities" he said. "Taxpayers will then be able to avoid extra costs from non-compliance with tax laws and regulations." He suggested the government categorise taxpayers in low-risk,medium-risk and high-risk categories. As regulatory landscapes continue to evolve,a company's tax function will play a more important role in driving the organisation forward,said Mr Somboon.Regulation demand transparency,necessitating clear and thoughtful communications with public stakeholders about corporate contributions to the communities where they do business. Moreover,global tax reporting requirements and transparency initiatives are set to grow exponentially. These will have a material impact on a company's operations. Taxpayers that are prepared will be able to avoid compliance risks.