FUTURE OF TAXES IN DISRUPTIVE TIMES - Building on 70 Years of Income Tax Complimentary Seminars 14 and 15 August 2017

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Dustin Norton
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14 August SEGMENT 1 10.00am-11.00am The Income Tax Act: 70 Years and Counting The introduction of income tax in post-war Singapore in 1947 was a momentous event and was not without opposition.

1 14 August SEGMENT am-11.00am The Income Tax Act: 70 Years and Counting The introduction of income tax in post-war Singapore in 1947 was a momentous event and was not without opposition. In the last 70 years, the evolution of the income tax itself reflects the transition of Singapore from a colonial outpost to a self-assured nation plugged into the international economic grid. The circumstances and aspirations of the society in Singapore at each phase of its development, are documented in its fiscal legislation. In this session, Mr Leung will have an anecdotal discussion on various societal and developmental aspects of Singapore, as revealed in its fiscal history. By Singapore Institute of Accredited Tax Professionals Mr Leung Yew Kwong Tax & Levies Committee Member, Singapore Institute of Accredited Tax Professionals Principal Tax Consultant, KPMG in Singapore Accredited Tax Advisor (Income Tax) 11.00am-11.15am 11.15am-12.15pm Taxes for Nation Building Taxes have played a vital role in the transformation of Singapore from a third world to first world country. In this session, Ms Loh will walk through past and present tax regimes and share how taxes will continue to play an important role in shaping Singapore s future and ensuring international competitiveness. By PricewaterhouseCoopers Singapore Pte. Ltd. Ms Florence Loh, Tax Partner SEGMENT pm-3.00pm Tax as a Career What does having a career in tax mean? Is it more than completing tax returns, generating tax computations and dealing with technical jargon? Let Ms Sia share with you her personal journey as a tax professional and her views on what it takes to work in the tax industry. Be inspired to join the tax community! By Deloitte & Touche LLP Ms Sabrina Sia, Tax Partner, Global Employer Services

2 14 August SEGMENT 2 (CONT.) 3.00pm to 4.00pm Perceptions of Singapore: Myths or Truths about our Tax System Singapore has prided itself as one of the best places in the world to do business, and indeed it has attracted multinationals from all over the world. Singapore s competitive tax system has been a key pillar of its economic strategy, underpinned by strict fiscal discipline. However, some commentators have labelled Singapore as a tax haven, while some countries continue to blacklist Singapore. This segment will explore the following questions: Are these labels justified? What can Singapore do change such perception? What other tax policy options can Singapore consider? By KPMG Advisory LLP Mr Harvey Koenig, Partner, Tax 4.00pm-4.15pm 4.15pm-5.15pm Keeping Pace with Tax Developments As countries start to implement BEPS-driven changes to their tax laws and policies, increasing disruption to the tax landscape and tax disputes are expected across borders. In such uncertain times, it is essential for a tax professional to keep abreast of the global tax developments. Join Mrs Chung-Sim in this session as she shares with you her insights on how you can keep pace with the tax developments, and the qualities required of a trusted tax professional. Ernst & Young Solutions LLP Mrs Chung-Sim Siew Moon, Head and Partner, Tax

3 15 August SEGMENT am-11.00am A More Competitive Income Tax System Getting There and the Pitfalls: A Tax Consultant s Perspective Businesses and investments are becoming increasingly mobile in today s globalised world. In this context, Ms Liew will share what are some of the key attributes of a good and competitive tax system and touch on how Singapore can continue to attract investments, generate sustainable revenue and meet public expenditure needs. By Deloitte & Touche LLP Ms Liew Li Mei, Partner 11.00am am 11.15am-12.30pm Management and Control, Can or Should we Ignore Reality? Legal entities have personality by way of fiction. To determine where such fictitious persons reside for taxation purposes will be arbitrary at best. Many jurisdictions applied a rather formalistic approach, that often resulted in undesirable outcomes. The current political and public sentiment around the world is calling for a substantive approach. In this session we will provide the technical context for this discussion, stripping it from sentiments, and placing it in the reality of today s world of operating a business. The session will cover: Setting the historical and international scene More recent court cases around the world International trends Observations on Singapore s approach and trend By IFA Singapore Mr Nico Derksen Owner/Director, International Tax Management Pte Ltd

4 15 August SEGMENT pm-3.15pm International Tax When the Dust has Settled (Part 1) Join Ms Ng at this session as she touches on the global and regional trends which impact cross border tax planning in the post BEPS world. She will give her views on what are some of the key elements to consider when planning for your global business. By PricewaterhouseCoopers Singapore Pte. Ltd. Ms Elaine Ng, Corporate Tax Partner 3.15pm-3.30pm 3.30pm-4.45pm International Tax When the Dust has Settled (Part 2) Many think that the principle purpose test (PPT) which is included in the Multilateral Instrument will help to re-write the tax landscape. To examine the practical operation of the PPT, Mr Clark will cover a range of PPT-related topics in this session: What choices have countries in the ASPAC region made in relation to the PPT; How do these PPT choices impact on the taxation of real estate transactions around the region; Thoughts on the implications for future use of holding companies in transactions; and What work is left to be done to make the PPT operationally effective in relation to non-civ real estate funds By KPMG Advisory LLP Mr Simon Clark, Partner

5 Mr Leung Yew Kwong Principal Tax Consultant, KPMG in Singapore Tax & Levies Committee Member, Singapore Institute of Accredited Tax Professionals Accredited Tax Advisor (Income Tax) Yew Kwong, an Accredited Tax Advisor (Income Tax), is presently Principal Tax Consultant at KPMG. He sits on the Singapore Institute of Accredited Tax Professionals Tax & Levies Committee - a committee representing tax professionals that engages the Inland Revenue Authority of Singapore (IRAS) and other stakeholders in discussions relating to tax law and practices. Previously a tax lawyer at WongPartnership LLP, Yew Kwong s earlier career was with the IRAS for 28 years where he last held the positions of Chief Legal Officer and Chief Valuer. Over the years, Yew Kwong has also authored and co-authored various tax-related books. Ms Florence Loh Tax Partner PricewaterhouseCoopers Singapore Pte. Ltd. Florence is a partner with the Corporate Tax Advisory Unit of PricewaterhouseCoopers Services LLP (Singapore) and has more than 15 years of corporate and international tax experience. She started her tax career in one of the Big 4 in England before moving back to Singapore in Florence is a member of the Institute of Chartered Accountants in England and Wales and has a Bachelor of Science (Honors) from Aston University, Birmingham. She is also an Accredited Tax Practitioner of the Singapore Institute of Accredited Tax Professionals. She is also listed as a multiplier partner of EDB representing PwC Singapore. Ms Sabrina Sia Tax Partner, Global Employer Services Deloitte & Touche LLP Sabrina is a tax partner with the Global Employer Services (GES) division of Deloitte Singapore and has more than 15 years of Singapore personal and business tax compliance and consulting experience, including advising multinational and local companies on expatriate tax management, taxation of employee s equity and deferred compensation plans. Sabrina also had a stint as tax accountant with Weatherford for 2 years, where she handled corporate tax compliance for various Asia Pacific countries. Mr Harvey Koenig Partner, Tax KPMG Advisory LLP Harvey is a Tax Partner with KPMG in Singapore. Harvey s career in tax spans experiences in both the private and public sector. He currently heads up KPMG s Incentive and R&D Tax advisory practice, as well as the Tax Technology and Innovation group. Harvey joined KPMG from the Ministry of Finance, where for almost 10 years, he was in the Tax Policy Directorate responsible for reviews of corporate tax policies, tax treaties and formulation of tax incentives. Ms Elaine Ng Corporate Tax Partner PricewaterhouseCoopers Singapore Pte. Ltd. Elaine is a Corporate Tax Partner at PricewaterhouseCoopers Services Pte Ltd and has been with the firm for over 22 years. Elaine heads the Corporate Tax Unit and she is also the PwC Singapore s leader of the Transport & Logistics Industry Group. Elaine has key experience in the Transport and Logistics Industry particularly in the Shipping sector and the Logistics sector. She is the lead tax partner on a few companies that have global headquarters in Singapore. Besides advising on Singapore tax matters, Elaine is involved in identifying tax planning opportunities, cross border reviews and corporate restructuring of companies as well as international tax planning for inbound and outbound investments.

6 Mrs Chung-Sim Siew Moon Head and Partner, Tax Ernst & Young Solutions LLP Chung-Sim Siew Moon is Partner and Head of Tax at EY Singapore. She graduated from the National University of Singapore with a Bachelor of Accountancy (First Class Honors) degree. She is a Fellow Chartered Accountant of the Institute of Singapore Chartered Accountants, Fellow of CPA Australia and an Accredited Tax Advisor (Income Tax and GST) of the Singapore Institute of Accredited Tax Professionals (SIATP). She is a Board member of the Tax Academy of Singapore and SIATP. Ms Liew Li Mei Partner Deloitte & Touche LLP Li Mei has more than 16 years of experience, serving multinational, local and Singapore listed companies in a variety of industries, including the retail, consumer products and services, manufacturing, funds and fund management as well as other commercial sectors on Singapore corporate income tax matters. She is well versed in Singapore income tax law and practice and has also been involved in advising on a wide range of issues including cross-border taxation issues, the use of double tax treaties focusing on permanent establishment issues and withholding tax, corporate restructuring, tax due diligence, acquisition structuring and postacquisition restructuring. Mr Nico Derksen Owner / Director International Tax Management Pte Ltd Nico runs since early 2012 ITM, providing cross border tax advise to companies and HNW individuals from all over the world. Trained as a Dutch tax lawyer, he started his career with the Dutch tax authorities. After almost 9 years he joined EY, for whom Nico served on tax advisory roles in the Netherlands, US, Slovenia, India, and Singapore. He is an Accredited Tax Advisor, serves on the IFA executive committee in Singapore and Asia-Pacific and is a regular speaker at international tax events. Nico is further an associate faculty at SUSS where he teaches the cross border tax module at the master course. Mr Simon Clark Partner KPMG Advisory LLP Simon is an internationally recognised tax advisor who leads the regional alternative investment practise from a tax perspective. Simon is also part of KPMG s Global BEPS initiative and the SWF network. Prior to joining KPMG, Simon worked with one of the world s leading law firms where he was Head of International Tax and Head of Property. Simon and his team co-ordinate the provision of tax advice across regional and global assignments. In recent times, this has included deals in Indonesia, Vietnam, the Philippines, Cambodia, Australia and Thailand as well as work in Europe. He has been involved in a range of BEPS related lobbying activity most relevantly in relation to treaty shopping issues

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