Budget Seminar 2017 Raffles City Convention Centre Monday, 6 March 2017
Q&A Please log on to pigeonhole.at and enter code BUDGET2017 to send your questions Budget 2017 placed great emphasis on building partnerships between different parts of society to create a more dynamic and resilient economy. The government is also committed to building an inclusive and caring society, which is important for the fruits of our growth to be enjoyed by all people in Singapore. Chung-Sim Siew Moon, and Head of Tax, Ernst & Young Solutions LLP
Seminar programme Time Topics Presenters 8:30 a.m. Registration 9:00 a.m. Welcome Kerrie Chang (Emcee) 9:10 a.m. Budget 2017 overview Moving forward together the Singapore way Chung-Sim Siew Moon and Head of Tax 9:25 a.m. Budget 2017: Corporate tax measures I Chai Wai Fook, Tax Services 9:55 a.m. Budget 2017: Corporate tax measures II Tan Bin Eng, Business Incentives Advisory 10:25 a.m. Budget 2017: Financial tax measures Louisa Yeo, Financial Services Tax 10:45 a.m. Break 11:15 a.m. Budget 2017: Personal tax measures Pang Ai Lin Executive Director People Advisory Services 11:35 a.m. Budget 2017: Goods & Services Tax (GST) Yeo Kai Eng, Indirect Tax GST Services 12:00 p.m. Q&A 12:30 p.m. Lunch 1
Time Topics Presenters 1:45 p.m. 2017 Budgetary statements and the Committee for Future Economy (CFE) report Q&A with Dr. Tan Facilitator: Kor Bing Keong, Dr. Tan will share insights into government policies and economic implications of the Budget measures and key thrusts of the CFE report 3:00 p.m. Tax controversy Managing local and cross-border tax controversy Recent tax cases What can we learn from recent tax case judgements? 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) Chung-Sim Siew Moon and Head of Tax Russell Aubrey, Tax Services 3:40 p.m. Break 4:10 p.m. Transfer pricing updates Stephen Lam, Transfer Pricing Services 4:30 p.m. Panel discussion Impact of global and regional tax policies and changes on businesses in Singapore and beyond Sandie Wun (Facilitator) Chester Wee, International Tax Services Joe Kledis, US Tax Desk Gagan Malik, India Tax Desk Henry Syrett, Transfer Pricing Services Billy Thorne Senior Manager, UK Tax Desk 5:30 p.m. End The speakers, except for Dr. Tan Khee Giap, are from Ernst & Young Solutions LLP or EY Tax Services Limited. 2
Presenter profiles Chung-Sim Siew Moon Kerrie Chang Chai Wai Fook Tan Bin Eng Louisa Yeo Pang Ai Lin Yeo Kai Eng Kor Bing Keong Russell Aubrey Stephen Lam Sandie Wun Joe Kledis Billy Thorne Gagan Malik Henry Syrett Chester Wee Guest speaker Dr. Tan Khee Giap 3
Presenter profiles 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.sim@sg.ey.com 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 the implications on their businesses. Siew Moon is also a frequent speaker at internally and externally organised seminars. Siew Moon 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 and a Fellow of CPA Australia. She is also an Accredited Tax Advisor (Income Tax and GST) of the Singapore Institute of Accredited Tax Professionals (SIATP). In addition, she sits on the boards of SIATP and Tax Academy of Singapore. 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 with a Bachelor of Commerce degree. She is an Accredited Tax Advisor (Income Tax) of the Singapore Institute of Accredited Tax Professionals and a professional member of CPA Australia. 4
Presenter profiles Wai Fook has over 20 years of tax experience. He is the Tax Accounting and Risk Advisory Services leader for EY in Asean and Singapore. Chai Wai Fook Tax Services wai-fook.chai@sg.ey.com 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 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 and an Accredited Tax Advisor (Income Tax) of the Singapore Institute of Accredited Tax Professionals. Bin Eng currently leads the Business Incentives Advisory service and is the tax leader for the government and public sector for EY in Asean. The Business Incentives Advisory service specialises in the provision of advisory services across various incentive programmes in ASEAN, including R&D, headquarter, investment and other discretionary incentives. Bin Eng and her team have assisted numerous companies to identify qualifying activities in Singapore and ASEAN (including R&D), prepare incentive applications and liaise government authorities on incentive discussions. Tan Bin Eng Business Incentives Advisory bin-eng.tan@sg.ey.com Prior to joining EY, Bin Eng had more than 12 years of experience in the Singapore Civil Service dealing in areas relating to taxation and was a veteran in the area of incentives policy-making within the public sector. In addition to her significant practical experience in the area of incentives, Bin Eng also has in-depth experience in design and administration of incentive programmes, having previously worked for the Singapore Economic Development Board in the area of tax and financial incentives and the Ministry of Finance on tax-related policy matters. Bin Eng holds a Bachelor of Science (Honours) degree from the National University of Singapore, majoring in Economics and Statistics. 5
Presenter profiles Louisa has 15 years of experience as a tax consultant. She has been involved in many international advisory projects and assignments across various industries in the financial services sector, ranging from banking and capital markets, and in particular, investment management. Louisa Yeo Financial Services Tax louisa.yeo@sg.ey.com Louisa is actively involved in advising MNCs and financial institutions on cross-border tax implications including M&A, corporate restructuring, outbound and inbound investments, fund management and transfer pricing. Her past and present clients include a broad mix of traditional and alternative investment funds, She has a particular focus on working with inbound asset managers in Singapore s expanding fund management industry, specifically within the real estate and private equity space. Louisa graduated from the Nanyang Technological University of Singapore with a Bachelor of Accountancy and the University of Melbourne with a Masters in International Tax. She is a Chartered Accountant of the Institute of Singapore Chartered Accountants and is also an Accredited Tax Practitioner with the Singapore Institute of Accredited Tax Professionals. Ai Lin is heavily involved in expatriate tax planning or consulting work, including assisting clients with structuring tax efficient compensation packages, tax equalisation or protection arrangements and equitybased remuneration schemes. Ai Lin has worked with local companies, expatriates, local individuals and multinational corporations across various industries, including the healthcare, construction, communication and technology, financial services, retail services and many more. Pang Ai Lin Executive Director People Advisory Services ai-lin.pang@sg.ey.com Ai Lin holds a Bachelor of Accountancy degree from the Nanyang Technological University of Singapore. She is a Chartered Accountant of the Institute of Singapore Chartered Accountants and an Accredited Tax Advisor of the Singapore Institute of Accredited Tax Professionals. 6
Presenter profiles Kai Eng has over 25 years of experience in the area of tax compliance, planning and consultancy work for local and multinational companies. Yeo Kai Eng Indirect Tax GST Services kai.eng.yeo@sg.ey.com Kai Eng is actively involved in GST process and internal control reviews under the Assisted Compliance Assurance Programme, annual reviews of GST returns under the Assisted Self-Help Kit Programme, GST advisory and planning assignments including assisting clients in negotiations with and obtaining rulings from the Inland Revenue Authority of Singapore on critical GST-specific transactions and refunds. He is a co-developer of the Singapore tax office s GST training materials and has conducted numerous external and customised training seminars and workshops. He also conducts GST lectures at the Tax Academy of Singapore. Kai Eng is a graduate of the University of Washington. He is an Accredited Tax Advisor (Income Tax and GST) of the Singapore Institute of Accredited Tax Professionals. He is also a member of the American Institute of Certified Public Accountants. 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 Programme reviews for local and multinational businesses from different industries including banks, insurance, real estate developers 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. 7
Presenter profiles Russell has worked in London, Mexico and Lisbon before settling in Singapore in 2000. He is well-versed in the areas of international tax, M&A and corporate restructuring and his experience spans tax structuring for effective operating, ownership and financing structures. Russell has wide industry experience having worked on many hundreds of structures. Russell Aubrey Tax Services russell.aubrey@sg.ey.com Russell has assisted clients in discussions and negotiations with the Singapore authorities on income tax and tax incentive matters as well as advised on the tax aspects of many public offerings. He has extensive transaction experience, having developed profound knowledge in this area since 1993. He is a former member of the Tax Advisory Committee of the Ministry of Finance and managing editor of You and the Taxman, a quarterly inhouse magazine. In addition, Russell has contributed many articles on taxation in various other trade publications and is a regular speaker at tax seminars. Russell is a Chartered Accountant of the Institute of Chartered Accountants in England and Wales. He is also a Chartered Accountant of the Institute of Singapore Chartered Accountants and an Accredited Tax Advisor of the Singapore Institute of Accredited Tax Professionals. Stephen has worked in Asia since 2010, with over 13 years in advisory experience in transfer pricing. His experience includes designing, recommending and supporting tax and transfer pricing models in a variety of industries including apparel, e-commerce, fast-moving consumer goods, financial services, hi-tech, logistics, pharmaceutical and shipping. Stephen Lam Transfer Pricing Services stephen.lam@sg.ey.com Stephen spent over nine years in London advising European (MNCs based in Belgium, France, Germany, the Netherlands, Republic of Ireland, Sweden and the UK. He has also worked on a number of clients with operations between Europe and Asia. In addition, he spent three years in Taiwan, where he co-managed the transfer pricing team. Stephen has advised on projects including the restructuring of global supply chains for MNCs, global master file documentation projects and transfer pricing planning, financial service transactions such as cash pooling structures, valuation of a loan guarantee and intra-group lending as well as Bilateral Advance Pricing Agreement negotiations. Stephen is a frequent speaker at seminars and events on transfer pricing and operating model effectiveness. He has written numerous articles on these topics too. Stephen has a Bachelor degree in Finance and Bachelor of Accountancy from the University of Adelaide (Australia) and holds a Masters in Business Administration at the University of Durham. 8
Presenter profiles Sandie worked in the EY tax practice both in Singapore and London. On a two and a half years assignment with EY in London, Sandie set up the inaugural Singapore Tax Desk as part of EMEIA s International Tax Services practice. During her tenure, she helped European MNCs expand or restructure their operations across Asia, where she led and managed some of the tax advisory engagements in Asia. Sandie Wun Transaction Tax Services sandie.wun@sg.ey.com Sandie serves corporate clients across different industries, including real estate and hospitality, financial services, oil and gas, shipping, pharmaceutical, technology and retail. Sandie has a Masters degree in Business Administration from Judge Business School, Cambridge University, UK and a Bachelor of Accountancy (Honours) degree from the Nanyang Technological University of Singapore. She is a Chartered Accountant of the Institute of Singapore Chartered Accountants and an Accredited Tax Advisor of the Singapore Institute of Accredited Tax Professionals. Chester has 18 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 MNCs 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 and an Accredited Tax Advisor (Income Tax) of the Singapore Institute of Accredited Tax Professionals. 9
Presenter profiles Joe joined EY in 2000 and is a with the EY International Tax Services. Joe has served on the US Tax Desks of EY member firms in Sydney, Australia and Amsterdam, the Netherlands. Joe is currently based in Hong Kong and leads the US Tax Desk initiative in Asia-Pacific. Joe has advised clients in the private equity, life sciences, oil and gas, media and entertainment, real estate, consumer products, and technology industries. Joe Kledis US Tax Desk EY Global Tax Desk Network joe.kledis@hk.ey.com Joe has served as a tax advisor to a range of clients from MNCs to midsize private companies. Joe has assisted clients with due diligence, acquisition structuring and financing, cross-border asset migrations, repatriation strategies, foreign tax credit planning, Subpart F planning, merger integrations, taxable presence and various other tax issues. Joe has experience in advising clients with regards to US federal tax, international tax, tax compliance and SFAS No. 109 tax accounting. Joe holds a Bachelor degree in Business Administration and a Masters degree in Accountancy (with an emphasis on tax) from the University of North Carolina. Joe is a certified public accountant licensed in the state of North Carolina. Joe is also a member of the American Institute of Certified Public Accounts and the North Carolina Association of Certified Public Accountants. Gagan has over 20 years of experience in the corporate tax, regulatory and policy areas. This includes working closely with the Indian government from time to time on formulating and evaluating foreign direct investment policy guidelines whilst 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 India Tax Desk EY Global Tax Desk Network gagan.malik@sg.ey.com Gagan is currently based in Singapore and leads 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 the 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 those organised by the Tax Academy of Singapore, IBFD, CII and TEI. He has also led a number of tax director conferences in the US and authored numerous articles on taxation 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
Presenter profiles Henry is a in the Tax practice and has been based in Singapore since 2007, providing advice on transfer pricing and Operating Model Effectiveness. 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 and 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. Billy joined EY in 2011 and has 12 years experience of working in corporate tax services in the UK. Billy relocated to Singapore in 2016 to take up a role on the UK Tax Desk for the Asia-Pacific region. Billy Thorne Senior Manager UK Tax Desk EY Global Tax Desk Network (Asia-Pacific) billy.thorne@sg.ey.com Billy advises a wide spectrum of clients ranging from MNCs to privatelyowned Asian groups. Billy has amassed extensive experience via dealings with British inbound and outbound clients, as well as from the UK corporate tax advisory, compliance and audit engagements. His recent advisory projects include group restructuring, residency reviews, controlled foreign company reviews, diverted profit tax reviews, intercompany loan balance rationalisation and patent box feasibility reports. Billy holds a Bachelor's degree in Taxation and Revenue Law from the University of Bournemouth. Billy is a member of the Association of Chartered Certified Accountants and a Chartered Tax Advisor. 11
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 (1990-1993). Dr. Tan joined the Nanyang Technological University of Singapore in 1993 and was Associate Dean, Graduate Studies Office (2007-2009). 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, 2004. 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 2007. 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
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EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we playa critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organisation, please visit ey.com. 2017 Ernst & Young Solutions LLP. All Rights Reserved. APAC no. 12001044 ED None Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability ships Act (Chapter 163A). This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com