Budget Seminar Raffles City Convention Centre Thursday, 7 April 2016

Transcription

1 Budget Seminar 2016 Raffles City Convention Centre Thursday, 7 April 2016

2 Seminar slides and Q&A Presentation slides will be available for download at the following URL from 8 April 2016: Please log on to pigeonhole.at and enter code BUDGET2016 to send your questions This is a forward-looking, comprehensive and all-encompassing Budget with transformation of the economy, enterprises and industries through innovation taking centre stage as Singapore begins its journey to SG100. Chung-Sim Siew Moon, and Head of Tax, Ernst & Young Solutions LLP 2 Budget Seminar 2016 All Rights Reserved Ernst & Young Solutions LLP

3 Seminar programme Time Topic Presenter 8:30 a.m. Registration 9:00 a.m. Welcome Kerrie Chang People Advisory Services 9:10 a.m. Budget 2016 overview ing for the future beyond SG50: new world, new challenges. How can Singapore transform her economy through enterprise and innovation as the nation pulls together as a caring and resilient society? Chung-Sim Siew Moon and Head of Tax 9:30 a.m. Budget 2016: Corporate tax measures I Goh Siow Hui Tax Services 10:10 a.m. Budget 2016: Corporate tax measures II Chester Wee International Tax Services 10:50 a.m Coffee break a.m. Budget 2016: Financial tax measures Amy Ang Financial Services Tax 11:40 a.m. Budget 2016: Personal tax measures Panneer Selvam Director People Advisory Services 12:00 p.m. Q&A session I 12:30 p.m. Lunch Budget Seminar 2016 All Rights Reserved Ernst & Young Solutions LLP 3

4 Seminar programme Time Topic Presenter 2:00 p.m. Budget as usual for Singapore after General Election 2015? Q&A with Dr. Tan Khee Giap Guest speaker Dr. Tan Khee Giap shares his insights on government policy and economic implications of the Budget measures. 3:10 p.m. The ASEAN consumer the next wave of growth As the ASEAN Economic Community journey opens up new frontiers, how can businesses seize growth opportunities using Singapore as a launch pad? Dr. Tan Khee Giap (guest speaker) Co-Director, Asia Competitiveness Institute (ACI) Associate Professor of Public Policy, Lee Kuan Yew School of Public Policy, National University of Singapore Chairman, Singapore National Committee for Pacific Economic Cooperation (SINCPEC) Tan Bin Eng Asean Business Incentives Advisory Shubhendu Misra Indirect Tax Global Trade 3:30 p.m. Coffee break 4:00 p.m. Regional tax updates This session covers recent tax developments in the Asia-Pacific region and what they mean to Singapore companies venturing abroad. Gagan Malik International Director APAC Tax Centre India Tax Desk 4:20 p.m. Managing your taxes During transformative times where economic borders are blurring and global policies for transparency are constantly evolving, how can businesses cope with the changing tax landscape and increasing tax compliance risks? What are the ongoing and upcoming compliance focus by IRAS that businesses should take note of? Chai Wai Fook Tax Services Henry Syrett Transfer Pricing Services 5:00 p.m. Q&A session II 5:30 p.m. End 4 Budget Seminar 2016 All Rights Reserved Ernst & Young Solutions LLP

5 Presenter profiles Chung-Sim Siew Moon Kerrie Chang Goh Siow Hui Chester Wee Amy Ang Panneer Selvam Kor Bing Keong Tan Bin Eng Shubhendu Misra Gagan Malik Chai Wai Fook Henry Syrett Guest speaker Dr. Tan Khee Giap Budget Seminar 2016 All Rights Reserved Ernst & Young Solutions LLP 5

6 Presenter profile Chung-Sim Siew Moon is Head of the tax practice in Singapore. With over 30 years of experience, she has served multinationals and local clients and worked closely with various government authorities and regulators on tax matters. Chung-Sim Siew Moon and Head of Tax Siew Moon provides tax compliance, controversy and advisory services to her clients. She advises her clients on structuring, cross-border, as well as mergers and acquisitions transactions. She also assists her clients in negotiating and applying tax incentives, as well as applying for advanced tax rulings, tax clarifications and remissions. Increasingly, with the change in the global tax landscape, she has been active in advising her clients on tax risk management and international tax developments and its implications on their businesses. Siew Moon graduated from the National University of Singapore with a Bachelor of Accountancy (First Class Honours) degree. She is a Fellow Chartered Accountant of the Institute of Singapore Chartered Accountants (ISCA) and an Accredited Tax Advisor, Income Tax and GST, of the Singapore Institute of Accredited Tax Professionals (SIATP). Kerrie is a in the People Advisory Services practice and has over 20 years of experience in providing tax consulting and global mobility tax services to a wide variety of clients throughout Asia. Kerrie Chang People Advisory Services Mobility - Tax kerrie.chang@sg.ey.com During her career, Kerrie has supported her clients through providing advice and consultation on individual taxation, tax planning opportunities, structuring tax effective compensation packages, tax equalisation or protection arrangements and long term employee incentive plans. She has extensive experience in handling the review of employer s reporting of employees remuneration, benefits-in-kind including employee share gains and working on tax remediation cases with her clients and liaising on their behalf with tax authorities. Kerrie s experience also includes various projects where she has provided advice and guidance to multinational companies with extended business traveller and international assignment populations. This includes coordination of advice for clients in the Asia-Pacific region, and providing insights with regard to changes in tax law, global mobility trends and related business practices. Kerrie graduated from the Australian National University where she earned a Bachelor of Commerce degree. She is an Accredited Tax Advisor, Income Tax, of the Singapore Institute of Accredited Tax Professionals (SIATP) and a CPA Australia. 6 Budget Seminar 2016 All Rights Reserved Ernst & Young Solutions LLP

7 Presenter profile Siow Hui has more than 20 years of experience in assisting her clients on corporate income tax compliance and advisory matters. She has worked with clients in various industries including shipping and retail. She is also the Private Client Services Leader and works extensively with entrepreneurs and their businesses. Goh Siow Hui Tax Services Her experience includes assisting clients with their corporate tax compliance matters in Singapore and liaising regularly with the Inland Revenue Authority of Singapore on various tax issues. She also regularly advises clients on tax issues relating to structuring transactions, profit repatriation strategies, cross-border transactions and the application of tax incentives. Her clients include multinational companies as well as local companies. Siow Hui graduated from the Nanyang Technological University of Singapore with a Bachelor of Accountancy (Honours) degree. She is qualified as a Chartered Accountant of Singapore with the Institute of Singapore Chartered Accountants (ISCA) and an Accredited Tax Advisor, Income Tax, of the Singapore Institute of Accredited Tax Professionals (SIATP). Chester has 17 years of experience in tax compliance and reporting, managing tax controversy and providing cross-border income tax advisory. Chester Wee International Tax Services chester.wee@sg.ey.com He has extensive experience in advising large multinational corporations and public listed companies on the tax aspects of inbound and outbound investments. This includes the review of holding and operating structures, advising on tax efficient repatriation of profits and cross-border financing, and identifying and managing withholding tax issues and permanent establishment risks. Chester regularly participates in EY Global Think Tanks. He speaks regularly at conferences and seminars, both in Singapore and overseas. He graduated with a Bachelor of Accountancy (First Class Honours) from the Nanyang Technological University of Singapore. He is a Chartered Accountant of the Institute of Singapore Chartered Accountants (ISCA) and an Accredited Tax Advisor, Income Tax, of the Singapore Institute of Accredited Tax Professionals (SIATP). Budget Seminar 2016 All Rights Reserved Ernst & Young Solutions LLP 7

8 Presenter profile Amy heads the Financial Services Office (FSO) in Singapore and she is the ASEAN FSO Tax Leader. She has more than 20 years of experience as a tax advisor. Amy Ang Financial Services Tax amy.ang@sg.ey.com Her responsibilities include the provision of tax compliance and tax advisory services to clients in the financial industry. Her scope of work encompasses assisting clients in applying for tax incentives, including liaison with the relevant regulatory bodies; advising on fund and fund management structuring; assisting clients to seek rulings and written clarifications, including engaging the tax authorities in discussions on the proposed transactions and structures; advising and assisting clients to implement tax efficient investment and operational structures for their cross-border investments; carrying out tax due diligence reviews; and advising on tax implications of mergers and acquisitions. She graduated from the Nanyang Technological University of Singapore with a Bachelor of Accountancy (First Class Honours) and is a Chartered Accountant of the Institute of Singapore Chartered Accountants (ISCA), as well as an Accredited Tax Advisor, Income Tax, of the Singapore Institute of Accredited Tax Professionals (SIATP). Panneer Selvam is a Director with the People Advisory Services practice and has over 16 years of experience. He provides Singapore tax compliance and consulting services for expatriates as well as local nationals on foreign assignments. He has extensive experience in handling the review of employers reporting of employees remuneration and has assisted employers in tax remediation to the IRAS under the voluntary disclosure program. Panneer Selvam Director People Advisory Services - Mobility panneer.selvam@sg.ey.com Panneer also has regional responsibility as the APAC Director overseeing the delivery of mobility services to a wide variety of clients across the region. Panneer holds a Master of Human Resources awarded by Curtin University of Technology. He is a fellow of Association of Chartered Certified Accountants of Singapore (ACCA), Chartered Accountant of the Institute of Singapore Chartered Accountants (ISCA) and Accredited Tax Advisor, Income Tax, of the Singapore Institute of Accredited Tax Professionals (SIATP). 8 Budget Seminar 2016 All Rights Reserved Ernst & Young Solutions LLP

9 Presenter profile Bing Keong is a with the Indirect Tax GST Services practice with more than 20 years of experience in handling GST compliance, planning and consultancy work for local and multinational businesses. Kor Bing Keong Indirect Tax GST Services bing-keong.kor@sg.ey.com He handles various complex GST advisory assignments ranging from real estate investment trusts, international services, financial services and real estate developers. He is heavily involved in conducting the Assisted Self-Help Kit Review and Assisted Compliance Assurance Program reviews for local and multinational businesses from different industries including banks, insurance, real estate developers, insurance companies and manufacturing companies. He is regularly invited to speak at internal and external forums. He also conducts GST lectures at the Nanyang Technological University of Singapore and Singapore Management University. Bing Keong holds a Masters degree in Business Administration (Business Law) and Bachelor of Accountancy (Honours) degree from the Nanyang Technological University of Singapore. He is an Accredited Tax Advisor, GST, of the Singapore Institute of Accredited Tax Professionals (SIATP). Bin Eng currently leads the ASEAN Business Incentives Advisory practice and is the ASEAN tax leader for the Government and public sector. She is actively involved in assisting her clients on their incentive planning and negotiations with authorities in Singapore. Prior to that, Bin Eng had more than 12 years of experience in the Singapore Civil Service dealing in areas relating to taxation and is a veteran in policy-making and incentive negotiations with the Singapore Government. Tan Bin Eng Asean Business Incentives Advisory bin-eng.tan@sg.ey.com She spent 6 years with the Singapore Economic Development Board (EDB) and supported EDB in areas of tax and financial incentive planning, and negotiations with strategic clients that have an interest in investing in Singapore. She also has extensive experience in helping companies with their issues in relation to other government agencies (especially the Ministry of Finance and the Inland Revenue Authority of Singapore) on tax or incentive-related matters. Bin Eng has been actively providing feedback on the tax incentive schemes that the EDB currently administers. Prior to the time she spent at the EDB, Bin Eng spent approximately two and four years with the Monetary Authority of Singapore and the Ministry of Finance respectively. She graduated with a Bachelor of Science (Honours) from the National University of Singapore majoring in Economics and Statistics. Budget Seminar 2016 All Rights Reserved Ernst & Young Solutions LLP 9

10 Presenter profile Shubhendu is a Tax with experience in Indirect Tax - Global Trade, and provides advisory services on Customs and Indirect Tax issues in the Southeast Asia region as well as the wider Asia-Pacific countries. He has over 20 years of experience in this area, both with the Big 4, as well as in the industry with a US automotive company where he led the Customs and Indirect tax function covering the Asia Pacific region for several years. Shubhendu Misra Indirect Tax Global Trade shubhendu.misra@sg.ey.com He has lived and worked in Singapore, China, Thailand and India and provided advice to several multinationals in diverse sectors including automotive, industrial products, consumer goods, IT & communications. He has led FTA, customs compliance, due diligence reviews, assisted clients with numerous FTA and customs audit, dispute resolutions and led customs as well as indirect tax work-streams for setting up manufacturing facilities. He has undertaken import or export process analysis and provided insights on optimising the process. Shubhendu has degrees in Bachelor of Laws and Bachelor of Arts and is enrolled as an Advocate with the Bar Council of India. He is a member of the Customs Advisory Council formed by Singapore s Ministry of Finance which advises Singapore Customs on its strategic direction. Gagan has over 20 years of experience in the corporate tax, regulatory and policy area. This includes working closely with the Indian Government from time to time on formulating and evaluating foreign direct investment policy guidelines while he was based in India. He has worked closely with clients on structuring their overseas investments including treaty analysis on holding company jurisdictions and capital structuring. Gagan Malik International Director APAC Tax Centre India Tax Desk gagan.malik@sg.ey.com Gagan is currently based in Singapore as International Tax Director leading the organisation s practice to provide Indian tax and regulatory advisory services including cross-border structuring to clients in the region. Prior to this, Gagan was instrumental in establishing India tax practice in Singapore for another Indian professional services firm. He is a regular speaker on Indian tax system including cross-border structuring and dispute resolution in various international tax conferences, which includes the ones organised by the Tax Academy of Singapore, IBFD, CII and TEI. Also, he has led a number of tax director conferences in the US and authored numerous articles on taxation both for internal publications as well as international tax journals. Gagan is a graduate in commerce from the University of Delhi as well as a qualified Chartered Accountant from the Institute of Chartered Accountants of India. 10 Budget Seminar 2016 All Rights Reserved Ernst & Young Solutions LLP

11 Presenter profile Wai Fook has over 20 years of tax experience. He is the Tax Accounting and Risk Advisory Services leader for ASEAN and Singapore. Chai Wai Fook Tax Services Apart from being responsible for corporate tax compliance for clients, he is also actively involved in negotiating with the IRAS for tax rulings and advising clients on international and corporate tax planning for outbound and inbound investments and assisting clients on tax accounting. Additionally, he speaks regularly at internal and external seminars. Wai Fook has worked with clients across different sectors including the technology, media and entertainment, construction and commodity trading. Wai Fook received his Bachelor degree in Accountancy (First Class Honours) from the Nanyang Technological University of Singapore. He is a Chartered Accountant of the Institute of Singapore Chartered Accountants (ISCA) and an Accredited Tax Advisor, Income Tax, of the Singapore Institute of Accredited Tax Professionals (SIATP). Henry Syrett is a in the Tax practice and has been based in Singapore since 2007, providing advice on transfer pricing and Operating Model Effectiveness (OME). Henry Syrett Transfer Pricing Services henry.syrett@sg.ey.com Henry provides transfer pricing planning and changes to transfer pricing models within an organisation, transfer pricing controversy, including management of transfer pricing audits as well as dealing with competent authorities with respect to Advanced Pricing Agreements and Mutual Agreement Procedure. Henry has provided advice to companies in various industries including apparel, automotive, consumer electronics, fast moving consumer goods, logistics, oil & gas, pharmaceutical and shipping. He is a regular speaker on transfer pricing matters at associations and seminars. He has also written articles in various publications on transfer pricing and business restructuring topics. Henry graduated from the University of Durham (UK) with an Honours degree in Modern European Languages. He is a member of the Institute of Chartered Accountants of Scotland. Budget Seminar 2016 All Rights Reserved Ernst & Young Solutions LLP 11

12 Guest speaker profile Upon graduating with a PhD from the University of East Anglia, England, in 1987 under the Overseas Research Scheme awarded by the Committee of Vice-Chancellors and Principals of the Universities of the United Kingdom, Dr. Tan joined the banking sector as a treasury manager. Thereafter, he taught at the Department of Economics and Statistics, National University of Singapore ( ). Dr. Tan joined the Nanyang Technological University of Singapore in 1993 and was Associate Dean, Graduate Studies Office ( ). Dr. Tan Khee Giap Co-Director, Asia Competitiveness Institute (ACI) Associate Professor of Public Policy, Lee Kuan Yew School of Public Policy, National University of Singapore Chairman, Singapore National Committee for Pacific Economic Cooperation (SINCPEC) spptkg@nus.edu.sg Dr. Tan has consulted extensively with various ministries, statutory boards and government-linked companies of the Singapore Government. He has also served as a consultant to international agencies such as the Asian Development Bank, Asian Development Bank Institute, United Nations Industrial Development Group, World Gold Council, ASEAN Secretariat, Central Policy Unit of Hong Kong, Kerzner International, Las Vegas Sands and Marina Bay Sands. Dr. Tan is the lead author for 20 books, serves as journal editors and published widely in international refereed journals. His current research interests include econometric forecasting, Cost of Living Index, Global Liveable Cities Index, Ease of Doing Business Index and competitiveness analysis on the sub-national economies of China, India and ASEAN. Dr. Tan was Deputy President of the Singapore Economic Society, He served in the 2002 Economic Review Committee (ERC), served as the Deputy Chairman of the IPS Forum for Economic Restructuring (IFER) in 2003 and served as a member of the Resource Panel of the Government Parliamentary Committee for Transport and Government Parliamentary Committee for Finance and Trade since Dr. Tan has extensively advised and guided multinational corporations leading to public listings, especially companies from China and Taiwan. *The above details have been provided by the individual and do not represent the views of Ernst & Young Solutions LLP. 12 Budget Seminar 2016 All Rights Reserved Ernst & Young Solutions LLP

13 For more insights on Budget 2016, please visit Budget Seminar 2016 All Rights Reserved Ernst & Young Solutions LLP 15

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