Singapore Budget 2014
The Budget has been announced. Click here for the speech and accompanying annexes. Do return to this page regularly for more updates as SIATP consolidates the various perspectives for your convenience! For a start, click on the links below for more tax-related information:
- Click here for existing measures to support businesses with restructuring, productivity improvement and capability development (Annex A-1 of Budget 2014)
- Click here for tax changes (Annex A-5 of Budget 2014)
- Click here for tax changes (consolidated by IRAS)
As always, there are comments galore, both written and documented in short video clips. Here is a consolidation of Big Four commentaries and below are various Budget-related links:
1) Budget 2014 Overview (video clip) and information on the Pioneer Generation Fund (video clip)
2) Singapore Institute of Accredited Tax Professionals: Small goes Mega in Budget 2014
3) CCH: Budget Commentary
4) Crowe Horwath: Budget Newsletter
5) Deloitte & Touche LLP: Budget Commentary and reactions
6) Ernst & Young Solutions LLP: Budget Synopsis and reactions
7) KPMG in Singapore: Publication and reactions
8) PricewaterhouseCoopers Services LLP: Budget Commentary, reactions and video links
Indeed, much has been said. Some call it a 'Rainbow Budget' while others coined it a 'SME Plus Budget'. SMEs are the biggest winners in Budget 2014 other than the Pioneer Generation. What then is a SME? Click here for IRAS’ definition and here for a more detailed definition by Spring Singapore.
For those who wish to have a clearer understanding of Budget 2014, do mark your diaries and listen to the different perspectives at various Budget Seminars.
Accredited tax specialists enjoy special rates to these seminars:
- 7 March, Friday, 1.30pm – 4.30pm (Grant Thornton; clients' rate applies) [Read more]
- 12 March, Wednesday, 9am – 1pm (Crowe Horwath; members' rate applies) [Read more]
- 13 March, Thursday, 9am – 5.30pm (EY; members' rate applies) [Read more]
- 14 March, Friday, 9am – 12.30pm (Tax Academy) [Read more]
- 18 March, Tuesday, 9am – 12.30pm (CCH; subscribers' rate applies) [Read more]
- 18 March, Tuesday, 8.45am – 4.30pm (ASME/MOF/MOM; special rate applies) [Read more]
- 19 March, Wednesday, 9.30am – 1pm (Takx Solutions; members' rate applies) [Read more]
Tax Consultancies with staff accredited with GST specialisation
For those who are involved in GST work, you are probably aware that since 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.
Clickhereto check out the tax consultancies with staff who are accredited with GST specialisation. Please note that this list is updated at point of publication. It should, at best, be only used as a point of reference and is not meant to be exhaustive, comprehensive or authoritative. SIATP bears no responsibility on its accuracy or completeness or accepts any liability for any loss or damage arising from any reliance thereon. Please check back with SIATP prior to appointing a tax agent, to verify his/her accreditation status.
For businesses seeking to verify a tax agent’s accreditation status prior to engagement of service, please email to
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.
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’ Response to 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
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 (SIATP Board Member)
3) Mr Alan Lau, KPMG Services Pte Ltd
4) Mr Leung Yew Kwong, KPMG Services Pte Ltd (formerly from WongPartnership)
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)
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, Bunge Agribusiness Singapore 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 Tax Services Pte Ltd (SIATP Board Member)
2) Mr Yee Fook Hong of Ng, Lee & Associates DFK (SIATP Board Member)
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 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, Luther Corporate Services Pte Ltd
2) Ms Lim Joo Hiang, Ernst & Young Solutions LLP
3) Mr Low Hwee Chua, Deloitte & Touche LLP
4) Ms Mabel Ng Hui Ling, Mazars LLP
4) Ms Eileen Goh, Singapore Institute of Accredited Tax Professionals 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.
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:
SIATP Corporate Video
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