News Room

Q4 ThinkBIG by SIATP

SIATP is pleased to present 'ThinkBIG' , another initiative focused on enabling accredited tax professionals to step up on the rungs of success and stand out in the local and international arenas. 

Comprising thought leadership tax articles, global or regional reports and/or bulletins gathered from Big 4, IRAS and other notable Gems, ThinkBIG eliminates the hassle of surfing various websites and inconvenience of trawling through multiple mass emails.

International taxation

Let Deloitte take you through the OECD’s new implementation guidance on the country-by-country (CbC) reporting requirement and the appropriate use of information in CbC reports, and find out from PwC how modern technology is affecting global VAT compliance. 

Zooming in to the Asia-Pacific, join Baker & McKenzie as it discusses the impact of China’s signing of the multilateral instrument on the country’s tax treaties, and other key tax developments in China. Also, do not miss out on KPMG’s analysis on Australian Taxation Office’s recent compliance activity and legislative developments, as well as EY’s commentary on the supplementary updates to the Malaysian Transfer Pricing (TP) Guidelines. 

Singapore taxation

Get an overview of the Budget 2017 enhancements made to the Global Trader Programme (GTP) with KPMG, and read about the transitional considerations for resolving TP disputes under the renegotiated Singapore-India Avoidance of Double Taxation Agreement (DTA) with PwC. 

Let EY walk you through IRAS’ proposed tax positions for leases under FRS 116, and allow Allen & Gledhill and Deloitte to bring you to speed on the key tax changes to be introduced by the Income Tax (Amendment) Bill 2017.

Finally, check out the key developments affecting corporate tax law and practice in Singapore as WongPartnership takes you through recent tax cases.

 

If you wish to access ThinkBIG in its entirety join SIATP and have exclusive access to the quarterly Taxlogue!

 

Singapore Budget 2017

Budget 2017 has been delivered. Refer to the speech and supplementary annexes for details. For easy reference, check out the Budget in brief or Straits Times’ 3-minute re-cap on the nine must-knows from the Budget. Zooming in on tax, click here for the overview of tax changes by the Inland Revenue Authority of Singapore.

Wonder what the various reactions are? Read about SIATP's Response and other perspectives here:

BDO LLP's Comments
• Deloitte Singapore’s Response and Commentary

• Ernst & Young Solutions LLP’s Reactions, Alert and Synopsis
• Grant Thornton Singapore’s Observations and Analysis
• KPMG in Singapore’s Reactions and Budget Report
• PricewaterhouseCoopers Singapore’s Response and Commentary

• Wolters Kluwer's Budget Report (Ex Summary by Crowe Horwath First Trust Tax Pte Ltd)

 

Views from the Big 4 on Brexit

Check out the various perspectives from the Heads of Tax of the Big 4 and set yourself thinking on the news that got everyone talking about it - Brexit. Highlights below:

“With the political and economic uncertainties surrounding Brexit, it will take UK a while to negotiate its bilateral economic and trade agreements. Businesses will need to closely monitor the developments and be ready to participate in the negotiation of these agreements. If one were to take on a more optimistic perspective, this could be a good trigger for businesses to reassess their global operational footprint and supply chain for cost optimisation in tax and duty outlays across multiple jurisdictions.” Mr Tay Hong Beng, Head of Tax, KPMG in Singapore

"For reasons such as language, relative similarity of legal systems and given its stature as an international business and financial hub, the UK has always been one of the holistic and "top of mind" European headquarter locations for many Singapore companies looking to expand within the European market. Given the two-year transition period (upon invoking the exit provisions), the immediate impact of Brexit should be limited. It is as yet unclear what the tax cost of existing arrangements over the medium and longer term will be when measures such as the EU's Parent-Subsidiary Directive ceases to apply, as that will very much depend on what exit terms are eventually agreed." Mr Chris Woo, Head of Tax, PwC Singapore

“Clearly, the UK is reviewing its tax regime to retain investments and promote new investments in certain areas of its economy. An example is the recent proposal to reduce the UK corporate tax rate to less than 15% from the current 20%. The UK may try to make its patent box regime more attractive, although it will still be bound by the modified nexus approach (BEPS Action 5). The UK may become Singapore’s competitor in attracting Chinese, Japanese and Indian investors.

Outside the EU, the UK would have greater freedom in designating products for reduced or zero VAT rates and could probably use its VAT rate structure to advance social goals.” Mrs Chung-Sim Siew Moon, Partner and Head of Tax, Ernst & Young Solutions LLP

“Brexit should not have a significant impact on European or UK MNCs’ activities in Asia except to the extent that UK will lose the benefit/ burden of EU level trade agreements and will need to negotiate such agreements bilaterally with the relevant countries. It might be possible that post-Brexit, the UK may divert more attention to its relationships with Commonwealth nations, some of which are located in the Asia-Pacific region, such as India, Malaysia, Singapore, Australia and New Zealand.” Mr Low Hwee Chua, Regional Managing Partner, Tax & Legal, Southeast Asia, Deloitte & Touche LLP

 

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) Form C-S Filing for YA 2012
2) IRAS' Disputes Resolution Process for Companies
3) Capital Allowances for Assets Used By Persons Other Than The Taxpayer
4) Draft e-Tax Guide on Pre-registration Input Tax Claims
5) Deduction of borrowing costs under Section 14(1)(a)(ii) of the Income Tax Act
6) Income Tax Amendment Bills
7) GST Amendment Bills
8)
GST Changes for the Marine Industry
9) GST Treatment on Reimbursements and Disbursements

10) Enhanced GST ASK Tool

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)   Mr Paul Lau, PricewaterhouseCoopers Services LLP
2)   Mr Chai Wai Fook, Ernst & Young Solutions LLP 
3)   Mr Alan Lau, KPMG Tax Services Pte Ltd
4)   Mr Leung Yew Kwong, KPMG Services Pte Ltd (formly WongPartnership LLP)
5)   Mr Albert Ng, Foo Kon Tan LLP (SIATP Board Member)
6)   Mr See Jee Chang, Deloitte & Touche LLP
7)   Mr Allen Tan, Baker & McKenzie.Wong & Leow
8)   Ms Fang Fang, Singapore Telecommunications Limited (SIATP Board Member)
9)   Mr Tan Boen Eng, SIATP Board Member
10) Mr Vaibhav Sanghvi, Symantec Asia Pacific Pte Ltd
11) Mr Yee Fook Hong, Ng, Lee & Associates - DFK
(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
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, NUS Business School (SIATP Board Member)
2)  Mr Yee Fook Hong, Ng, Lee & Associates - DFK (SIATP Board Member)
3) Ms N Vimala Devi, BSL Tax Services Pte Ltd
4)  Mr Koh Swee Tian, KST Consulting Pte Ltd
5)  Ms Kong Yeen Hoon, Robert Tan Partners PAC
6)  Ms Lim Soh Yen, Acutus LLP
7)  Ms Lim Yuet Kwong, Audnest Assurance
8)  Mr Lawrence Ng Cheng Kin, TS Tay Public Accounting Corporation
9)  Mr Sivakumar Saravan, Crowe Horwath First Trust Tax Pte Ltd
10) Mr Albert Ng, Foo Kon Tan LLP (SIATP Board Member)
11) Ms Evelyn Lim, BDO Tax Advisory Pte Ltd
12) Ms Koh Puay Hoon, RSM Tax Pte Ltd

 

IRAS External Feedback Panel for e-Tax Guides

SIATP is involved in the IRAS External Feedback Panel for e-Tax Guides where the following accredited tax professionals provide feedback on draft e-tax guides to ensure that they are user-friendly and easy to understand.

1)  Mr Eddie Lee Lai Hee, Robert Yam & Co.
2)  Ms Lim Joo Hiang, EY Singapore
3)  Mr Low Hwee Chua, Deloitte & Touche LLP
4)  Ms Mabel Ng Hui Ling, Ryan Tax Services Singapore 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, Tax Principal, Deloitte & Touche LLP, is representing SIATP in this Group.

 

IRAS Transfer Pricing Roundtable

Discussing and gathering feedback on Singapore’s transfer pricing regime and exploring possibilities to facilitate businesses in managing their transfer pricing matters, this roundtable includes SIATP’s representative Accredited Tax Advisor (Income Tax) Mr Sivakumar Saravan, Executive Director, Crowe Horwath First Trust Tax Pte Ltd.

 

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 Singapore Chartered Accountants, 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 ISCA

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

http://www.flickr.com/photos/icpas_events/sets/72157624038851296/detail/

SIATP Corporate Video

https://www.youtube.com/watch?v=N9z4B5G0p6s

 

Interview with the Commissioner of Inland Revenue

Read more about the views of Mr Moses Lee, Commissioner of Inland Revenue, on SIATP, Tax Academy and the Tax Profession in Singapore

Interview with CIR

The Budget has been announced. Click here for the speech and accompanying annexes and here for the overview of tax changes .

 

Check out Straits Times’ 2-minute recap and how you may be affected using this calculator done in collaboration with PwC Singapore.

 

Here are SIATP’s Top 5 Tax Takeaways and read about the perspectives from various thought leaders:

 

- Grant Thornton Singapore’s Observations and Analysis

- Deloitte Singapore’s Response and Budget Commentary

- EY Singapore’s Response and Budget Synopsis

- KPMG in Singapore’s Reactions and Budget Report

- PwC Singapore’s Response and Budget Commentary

 

Do return to this page regularly for more perspectives. Have you registered for the Budget Seminars? See you there! Accredited tax professionals enjoy special rates at the following: