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Singapore Budget 2013

The Singapore Institute of Accredited Tax Professionals (SIATP) has actively participated in the Singapore Budget 2013 discussions. Accredited tax professionals have had the opportunity to put forth their thoughts and wish lists. These were collated and forwarded to the relevant authorities and shared with the media. Following the budget announcement on 25 February, here’s an overview of the tax changes.

Did you know?

The Ministry of Manpower has a quota calculator for work permits and S Passes that automatically calculates a company's foreign worker quotas and advises the company their staff composition. Check it out here (scroll to bottom of the webpage in the link).

Check out too, the self-assessment tool (SAT) that gives businesses an indication of their employees’ eligibility when renewing their S Pass. It does not guarantee the actual outcome of the application though. This is because there are checks such as employer's quota (for S Pass) or candidate's antecedents that are not considered into the SAT.

What are the market sentiments?

What are some of the market sentiments? Here are three – Deloitte & Touche LLP, KPMG in Singapore and PricewaterhouseCoopers Singapore. Check out the various commentaries by the international accounting firms and other thought leaders:

1) Ernst & Young
2) Deloitte & Touche LLP
3) KPMG in Singapore
4) PricewaterhouseCoopers Singapore
5) CCH

One consultancy, Kong, Lim & Partners LLP, has even created bite-sized videos highlighting the key aspects of the budget announcement:

1) Tightening of Foreign Worker Inflows
2) Wage Credit Scheme
3) Productivity & Innovation Credit Bonus
4) Changes in Tax Exemption Scheme
5) Income Tax Rebates for Coporate & Resident Individuals

Be Heard By The Authorities. Be 'Clued In'.

With the launch of SIATP, accredited tax professionals now have a dedicated platform to be heard on a myriad of issues. In the past year, accredited tax professionals have been invited by the Ministry of Finance as well as the Inland Revenue Authority of Singapore (IRAS), through SIATP, to comment on various policy and tax issues. Dialogue sessions between SIATP and IRAS have also been organised. All these initiatives are organised exclusively for accredited tax professionals.

Issues which SIATP members have commented on:

1) IRAS' Disputes Resolution Process for Companies
2) Capital Allowances for Assets Used By Persons Other Than The Taxpayer
3) Draft e-Tax Guide on Pre-registration Input Tax Claims
4) Deduction of borrowing costs under Section 14(1)(a)(ii) of the Income Tax Act
5) Income Tax Amendment Bills
6) GST Amendment Bills
7) GST Changes for the Marine Industry
8) GST Treatment on Reimbursements and Disbursements

Accredited tax professionals develop a more holistic and in-depth understanding from these issues as the consolidated feedback is shared with all members and any subsequent response from the authorities is also disseminated. To have access to such 360-communications as well be involved in the latest tax developments, join SIATP. Be Accredited. Be Recognised.

The Voice of The Profession

SIATP, through various Committees, represents the profession in engaging with the authorities on tax practices and application of tax laws. These committees enable accredited tax professionals to better understand tax policies and practices while at the same time provide the platform for authorities to appreciate issues on the ground. The accredited tax professionals in the various committees are:

Tax & Levies Committee
1)   Ms Latha Mathew, Ernst & Young Solutions LLP (SIATP Board Member)
2)   Ms Fang Fang, Singapore Telecommunications Limited
3)   Mr Alan Lau, KPMG Advisory LLP
4)   Mr Leung Yew Kwong, KPMG Advisory LLP
5)   Mr Albert Ng, Foo Kon Tan Grant Thornton LLP
6)   Mr David Sandison, PricewaterhouseCoopers Singapore
7)   Mr See Jee Chang, Deloitte & Touche LLP
8)   Ms Carol Sim, Samsung Asia Pte Ltd
9)   Mr Tan Boen Eng, SIATP Board Member
10) Mr Yee Fook Hong, Ng, Lee & Associates (SIATP Board Member)

GST Committee
1)   Mr Low Weng Keong, SIATP Board Member
2)   Ms Boey Yoke Ping, Baker Tilly TFW LLP
3)   Mr Koh Soo How, PricewaterhouseCoopers Services LLP
4)   Mr Lam Kok Shang, KPMG Services Pte Ltd
5)   Mr Lo Ngai Hung, Lo Hock Ling & Co
6)   Ms Sharon Tan Bee Leng, Infineon Technologies Asia Pacific Pte Ltd
7)   Ms Sharon Tan Li Ping, Nike Global Trading Pte Ltd
8)   Ms Teo Chai Choo, Low, Yap & Associates
9)   Mr Robert Tsang, Deloitte & Touche LLP
10) Mr Yeo Kai Eng, Ernst & Young Solutions LLP

SME Tax Sub-Committee
1)   Mr Simon Poh Siew Beng, Nexia TS Public Accounting Corporation (Chairperson of SME Tax Sub-Committee)
2)   Mr Yee Fook Hong of Ng, Lee & Associates DFK (Co-Chairperson of SME Tax Sub-Committee)
3)   Ms Katherine Chan Seok Ying, One Tax Services Pte Ltd
4)   Ms N Vimala Devi, BSL Tax Services Pte Ltd
5)   Mr Koh Swee Tian, KST Consulting Pte Ltd
6)   Ms Kong Yeen Hoon, Robert Tan & Co
7)   Ms Lim Soh Yen, Infinity Assurance LLP
8)   Ms Lim Yuet Kwong, Corporate Compliance Services Pte Ltd
9)   Mr Lawrence Ng Cheng Kin, TS Tay Public Accounting Corporation
10) Mr Sivakumar Saravan, Crowe Horwath First Trust Tax Services Pte Ltd

IRAS FRS Joint Working Group
SIATP is also actively involved in the IRAS FRS Joint Working Group which explores the possible tax implications arising from changes in the specific Financial Reporting Standards. Accredited Tax Advisor (Income Tax) Mr Daniel Ho, Director of Taxes (Corporate), Deloitte & Touche LLP, is representing SIATP in this Group.

Are your staff accredited with GST specialisation?

For those who are involved in GST work, you are probably aware that with effect from 1 January 2013, the GST Assisted Self-help Kit (ASK) declaration form has to be certified by either your own in-house or external tax professional who is accredited as an Accredited Tax Practitioner (GST) or Accredited Tax Advisor (GST). While GST-registered businesses may adopt ASK on a voluntary basis, firms applying for GST schemes, such as the Import GST Deferment Scheme (IGDS), Approved Marine Customer Scheme (AMCS) or Approved Contract Manufacturer and Trader (ACMT) Scheme, must perform a self-review under the ASK and submit the certified ASK declaration form as one of the qualifying conditions.

For more information on accreditation, please click here. Alternatively, feel free to drop us an email or contact us at 6749 8060 from Mondays - Fridays, 9am - 6pm.

SIATP Code of Professional Conduct and Ethics wef 1 January 2011

Following the Singapore Institute of Accredited Tax Professional (SIATP) Board?s approval on 23 November 2010 and with effect from 1 January 2011, members of SIATP must adhere to the Code of Professional Conduct and Ethics (the Code). The Code is referenced after the "Code of Ethics for Professional Accountants" published by the International Federation of Accountants (IFAC) in July 2009 and the "Professional Rules and Practice Guidelines 2006" and "Professional Conduct in Relation to Taxation 2004" published by the Chartered Institute of Taxation (CIOT).

Click here to access the SIATP Code of Professional Conduct and Ethics.

SIATP Transitional Admission Requirements is now Extended to 30 November 2010!

Due to the overwhelming responses and applications received, the SIATP Board has agreed to grant an extension of the Transitional Admission Requirements to accommodate the surge in application requests to be considered under the transitional rules. The last day for admission under the Transitional Admission Requirements will be on 30 November 2010 23:59 hours. Not a member yet? Sign up now before you miss the extended deadline! All applications received from 1 December 2010 onwards shall be required to satisfy the Normal Admission Requirements.

SIATP Transitional Admission Requirements will end on 6 November 2010

Following the official launch of the Singapore Institute of Accredited Tax Professionals (SIATP) on 7 May 2010, the admission of existing tax professionals as an Accredited Tax Advisor and Accredited Tax Practitioner, are considered by the SIATP Board under the transitional rules for a period of six months, up till 6 November 2010 at 23:59 hours. Under the transitional rules, the admission requirements are mainly based on applicants having acquired the approved practical experience in income tax, GST or both as the case may be, and do not include other requirements like examination and education. All applications received from 7 November 2010 onwards, shall be required to satisfy the normal admission requirements.

Please click on the following to access the criteria for Normal Admission Requirements.

Official Launch of SIATP

The Institute of Certified Public Accountants of Singapore, in partnership with the Tax Academy of Singapore, officially launched the Singapore Institute of Accredited Tax Professionals (SIATP) on 7 May 2010.

Click below for more information relating to the launch:

Article

Write-up on Official Launch

Speeches

Welcome address by Dr Ernest Kan, Chairman SIATP, President ICPAS

Address by Mr. Moses Lee, Commissioner of Inland Revenue

Key note address by Mrs. Lim Swee Hua, Minister, Prime Minister's Office and Second Minister for Finance and Transport

Presentations

The Evolving Role of the Tax Profession - Ms. Paula Eastwood, Head of Corporate Tax, PricewaterhouseCoopers Serivces, SIATP Board Member

Tax Compliance.Tax Agents, Ms. Chiam Yah Fang, Assistant Commissioner, Corporate Tax Division, IRAS

Tax Professionals: From Revenue Farm to Global Forum - Mr. Leung Yew Kwong, Partner, WongPartnership LLP

Photos