the professional Mar2015.pub

Transcription

the professional Mar2015.pub
MAR 2015
THE PROFESSIONAL
PUBLICATION OF PAUL WAN & CO
Table of Contents
3
Singapore Economy
6
Singapore Budget 2015
8
Revision to Singapore Transfer Pricing Guidelines
13
Board and Audit Committees Responsibility over Risk Management
15
Protecting Businesses from Being Hacked
19
Clients and MI Members
22
Happenings at Paul Wan & Co
23
Singapore Qualification Programme
Lee Kuan Yew - An Inspiration
Paul Wan & Co’s Tribute to The Late Mr Lee Kuan Yew
On 23rd March 2015, 12 noon, staff of Paul Wan & Co observed a minute of silence and
paid tribute to the Founding Father of Singapore, the late Mr Lee Kuan Yew, who
departed on 23rd March 2015, 3:18am.
•
3
Economy
Singapore Economy
Mr. Paul Wan, Managing Partner
On 17th February 2015, the Ministry of Trade and Industry
announced that the GDP growth for Singapore in 2014 is 2.9%
(2013: 4.4%). This figure is much lower than the 3.0% forecast and
the range of most analysts of 3.4% to 3.5%.
What went wrong?
Manufacturing sector up 0.9%
Construction down 3.3%
Non oil exports down.
The tightening on foreign workers is perhaps one key factor and many companies,
both MNCs and local companies, have to adjust their need for foreign workers. Many
companies, however, just have to cut orders and production as they could hardly find
Singaporeans to take up the jobs.
Gross Domestic Product
2013
2014
Overall GDP
4.4
2.9
Goods Producing Industries
Manufacturing
Construction
1.7
6.3
2.6
3.0
Services Producing Industries
6.1
3.2
The government is trying to push for productivity by encouraging companies to
innovate and hand out Productivity and Incentive Credit, but few companies are taking
the cue. By raising the foreign workers levy to the extent that it costs almost as much
as what it would take to employ a Singaporean, profit margins of most companies are
eroded and they have no choice but to continue to hire foreign workers because there
are no local takers for the job.
•
4
Economy
Looking into 2015, we strongly believe that the economy will spiral downwards sharply
for the following reasons:
1.
The World Economy is in turmoil notwithstanding oil prices have come down to
close to US$45 per barrel. The Euroland economy is sluggish and many central
banks do not have money to prop up the economy. The US economy which has
been on the recovery path for the last 15 months seems to be losing steam and
could be flat over the next 2 quarters with potential of further decline if the world
economy worsens.
2.
The China economy is still heading south and we may see 2015 China GDP going
down to 6.08% from 7.2% for 2014. China is one of Singapore's main trading
partners.
3.
Malaysia is another major trading partner of Singapore and their economy is in
shatters. Exports are down dramatically and the fall in the oil price worsens the
situation as oil is one of the major revenue for Malaysia. The Malaysian ringgit has
weakened dramatically over the past 2 months as confidence in both the economy
and government plummets.
4.
The Financial services sector, one of the darlings of growth for Singapore, is
expected to be flat as cost factor has prevented many foreign institutions from
expanding their operations in Singapore, and countries in Asia are nipping into the
pie - notably Shanghai.
5.
The Tourism and Hospitality sector, in any slow down of both regional and
domestic economy will be on the decline with less tourist arrivals - notably tourists
from China.
6.
Local consumption will definitely be dampened with consumers tightening their
belts on an imminent slowdown of Singapore economy.
7.
The Singapore dollar has weakened substantially to almost 10% over the last
quarter against the US dollar and regional currencies. Whilst this may help
exports but in a downturn of the world economy, the demand is weak, so a weak
Singapore dollar will not bring in any advantage. In fact, many Singapore
companies with foreign operations, encountered increased businesses costs
especially if the foreign operations depend on their head office/parent company
for funding.
•
Conclusion
A very tough year ahead for Singapore and it
comes at the wrong time - Singapore's 50th
Anniversary and a possible snap election in the
third quarter of 2015.
It is possible that the government may come out
with some sort of stimulus plan but it will be very
difficult to estimate how much to inject into the
black hole.
Is Singapore in a recession? Yes, definitely in a technical recession.
2015 GDP forecast by the government: 2% to 4%
Economist forecast: 2.6% to 2.8%
Our forecast: 1.2% to 1.5%
5
Economy
•
6
Tax Update
Singapore Budget 2015
The 2015 Budget was unveiled in Parliament on 23rd February
2015 by Singapore Deputy Prime Minister and Finance Minister
Tharman Shanmugaratnam. Unlike past years, this year’s budget
neither provides one-off generous SG50 celebratory goodies nor
a pre-election carrot for all businesses as well as Singaporeans. It
focused mainly on building Singapore’s future by taking steps
now, moving ahead relentlessly, and never thinking that status
quo will get us to a better Singapore.
The two clearly future-focused measures of this year’s budget are:1.
2.
SkillsFuture – to help workers gain expertise through learning and training
through creating new ideas and technologies and mastery; and
Spur SMEs to innovate through grants, R&D investments, etc. and
internationalize.
Other key measures unveiled in this year’s budget are:Corporate & Businesses
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)
Extending and enhancing Mergers & Acquisitions (M & A) scheme;
Refining tax incentive for Venture Capital funds and Venture Capital Fund
Management Companies;
Extending investment allowance – Energy Efficiency (IA-EE) schemes;
Extending tax deductions for Collective Impairment Provisions made under
Monetary Authority of Singapore (MAS) notices;
Extending and refining tax incentive Scheme for Insurance Businesses;
Improving Enhanced-Tier Fund Tax Incentive scheme;
Extending tax concessions for Listed Real Estate Investment Trusts (REITs);
Extending and enhancing the Maritime Sector Incentive (MSI);
Restoration of CPF rates for older workers aged 50 and above; increasing CPF
by raising monthly salary ceiling cap to $6,000/- and adjustment to
Supplementary Retirement scheme to meet financial needs in key areas for
retirement, home ownership and health care;
Deferment of Foreign Worker Levy;
Enhancing tax deduction for approved donations, etc.
Goods & Services Tax (GST)
a)
b)
Simplifying Pre-registration GST claim rules for newly GST
-registered business; and
Extending and enhancing GST remission for Listed REITs,
Listed registered Business Trusts, Ship Leasing & Aircraft
Leasing Sectors.
•
7
Tax Update
Individuals & Households
a)
b)
c)
d)
e)
f)
g)
Revision of personal progressive tax rates for top earners and a 50% one-off tax
rebate capped at S$1,000/- to all Singapore tax resident individual taxpayers;
Allowing specific expenses to set-off against passive rental income;
Tax exemption for non-resident Mediators and Arbitrators;
Extending and enhancing Angel Investors tax deduction (AITD) scheme;
One-off GST voucher and service & conservancy charges rebates;
Enhancing & expanding Foreign Domestic Worker (FDW) Levy concession;
Help childcare and education costs by topping up of Child Development Account,
Edu save account, waiver of exam fees for Singaporean students, etc.
Others
a)
b)
c)
Refining Carbon emissions-Based Vehicle scheme (CEVS);
Enhancing early turnover scheme for older commercial vehicles; and
Revision to petrol duty rates and granting of one year road tax rebate.
In view of the sufficient accumulated reserves from
past years, the Minister is projecting an overall deficit
of S$6.7 billion for 2015.
For full details of our firm’s Singapore Budget
Synopsis 2015, please refer to our website at: http://www.pwco.com.sg or you may
contact our Tax Personnel for a hard copy at Tel.: +65 6220 3280 Ext. 200/201/202 or
email us at [email protected]
•
8
Transfer Pricing Guidelines
Revision to Singapore Transfer Pricing
Guidelines
On 6 January 2015, IRAS released the 2nd edition of the Singapore transfer pricing
guidelines relating to business entities incorporated or registered in Singapore or
carrying on a business in Singapore that have transactions with related parties. This
guideline will take immediate effect.
As transfer pricing concerns the price charged on transactions between related
parties, it is important to the integrity of the tax system that the price for the transaction
approximates to the market price.
To prevent price distortion, IRAS may carry out an audit of the related party
transactions to verify that the prices are reflective of market prices. Such audit can
lead to transfer pricing adjustments bringing about double taxation.
Therefore, to reduce the risk of audits and double taxation, taxpayers transacting with
their related parties should apply the internationally endorsed arm’s length principle –
that the transfer price between them are at arm’s length price as if they were unrelated
parties negotiating in a normal market.
Where taxpayers are faced with double taxation, they may apply for a mutual
agreement procedure with their tax authorities under the tax treaty provisions to
eliminate double taxation. Application for an advance pricing arrangement may also be
made to agree in advance with one or more tax authorities the appropriate transfer
pricing for their related party transactions for a period of time.
•
9
Transfer Pricing Guidelines
Arm’s Length Principle
IRAS recognises that applying arm’s length principle is not easily achieved especially
where business structures and arrangements are complicated and unique, date and
information are not readily available due to confidentiality and business secrets and
also costly to perform comprehensive analyses. Hence, IRAS laid down the following
guiding principles on applying the arm’s length principle:
(a)
As establishing and demonstrating compliance with the arm’s length principle
require the exercise of judgment, a pragmatic approach would be adopted in
ascertaining arm’s length pricing for related party transactions.
(b) IRAS does not expect taxpayers to adhere rigidly to a defined set of rules in
order to establish arm’s length pricing. Depending on the facts and
circumstances, i.e. where there is a reasonable basis for doing so, taxpayers
may determine and demonstrate arm’s length pricing using a different/
complement approach.
(c)
Taxpayers would have intimate knowledge of the commercial circumstances that
their businesses operate in and the economic relationships between various
related parties. Hence, they are in a better position to perform a robust and
comprehensive transfer pricing analysis to determine the arm’s length price.
(d)
With the advantage of knowing their businesses and circumstances best,
taxpayers should exert reasonable efforts to undertake a sound transfer pricing
analysis. IRAS will consider the transfer prices determined as, prima facie, arm’s
length when taxpayers have:
•
•
(e)
Applied the arm’s length principle
in their analysis; and
Exercised reasonable efforts to
comply with the arm’s length
principle, i.e. the transfer prices
may reasonably be considered to
approximate to arm’s length prices.
IRAS welcomes taxpayers to discuss
their concerns and difficulties in
applying the arm’s length principle as
consultation and cooperation between
taxpayers and IRAS is a mutually
beneficial and pragmatic way in
complying with the arm’s length principle.
•
10
Transfer Pricing Guidelines
Three-step approach to apply the arm’s length principle
IRAS recommends that taxpayers adopt the three-step approach in applying the arm’s
length principle to their related party transactions as shown below:1.
2.
3.
Conduct comparability analysis of transactions and make adjustments for
material differences;
Identify the most appropriate transfer pricing method that produces the most
reliable results and tested party; and
Apply the most appropriate transfer pricing method on the data of comparable
independent related party transactions. Consider using interquartile range to
enhance reliability of results.
Contemporaneous transfer pricing documentation
The revised transfer pricing guidelines also require proper contemporaneous transfer
pricing documentation to be maintained for related party transactions. This
documentation is to be prepared prior to or at the time of undertaking the related party
transactions. Hence, IRAS is adamant to consider accepting any documentation
prepared at any time after the completion and filing of the tax return for the financial
year in which the transfer pricing transaction took place. IRAS does not require
taxpayers to submit the documentation with their tax returns but it must be available
and submitted within 30 days upon request. Where there is material impact on their
operational business conditions, the documentation must be reviewed timely and
updated at least once every three years, to ensure transfer prices are concluded at
arm’s length. It is anticipated that the preparation of the transfer pricing documentation
will result in substantial compliance and administrative costs for businesses. Hence, to
ease compliance and administrative burden to taxpayers, IRAS has simplified the
administrative rules by the inclusion of exemption for taxpayers from the preparation
of the transfer pricing documentation if any of the following situations are met:(a)
Where the taxpayer transacts with a related party in Singapore and such local
transactions (excluding related party loans) are subject to the same Singapore
tax rates for both parties;
(b)
Where a related domestic loan is provided between the taxpayer and a related
party in Singapore and the lender is not in the business of borrowing and lending
(e.g. banks or other financial institutions, finance and treasury centres);
(c)
Where the taxpayer applies the 5% cost mark-up for routine support services;
(d) Where the related party transactions are covered by an agreement under an APA
whereby annual compliance report is kept to demonstrate compliance with the
terms of the agreement and the critical assumptions remain valid; or
(e) Where the value of the related party transactions does not exceed the thresholds
as below:
•
11
Transfer Pricing Guidelines
Category of related party transactions
Purchase of goods from all related parties
Sale of goods to all related parties
Loans owed to all related parties
Loans owed by all related parties
All other categories of related party
transactions, including:
· service income
· service payment
· royalty expense
· rental income
Threshold (SGD) per financial year
15 million
15 million
15 million
15 million
1 million
per category of transactions
· rental expense
For the purpose of determining if the threshold
is met, aggregation should be done for each
category of related party transactions. For
example, all service income received from
related parties is to be aggregated.
Any taxpayer whose related party transactions has little risk of tax leakages and are
below the required threshold should still be compliant with arm’s length pricing.
The revised guidelines also require substantially more group and entity level detailed
documentation such as worldwide organisational and management structure chart,
location, ownership linkages among all related parties, nature of global business
products and services, key competitors, recent developments and restructuring and
overall transfer pricing policies.
Transfer Pricing Adjustments
The revised guidelines also provide a new section with respect to transfer pricing
adjustments which provides clarity to taxpayers on managing their transfer pricing
results. However, to be acceptable by IRAS, proper contemporaneous documentation
must be available to substantiate the adjustments. Some of the adjustments are:1.
Year-end adjustments – these are due to difficulties in assessing market
variables and making market assumptions accurately during their transfer pricing
study before or during their year-end closing
2.
Compensating adjustments – these are made in accordance with the terms in the
APA agreements to arrive at the agreed arm’s length prices.
Self-initiated retrospective adjustments – these are due to review of past transfer
prices relating to changes in circumstances such as group global transfer pricing
policy not accounted for previously, arm’s length charge overlooked previously,
etc.
3.
•
12
Transfer Pricing Guidelines
Consequence for Non-Preparation of Proper Contemporaneous Documentation
In the event that taxpayers failed to provide
or substantiate with proper documentation as
to how the transfer prices have been
concluded, the following steps could apply:i)
Penalties will be imposed for failure to
keep proper records and to provide
proper documentation upon request;
ii) An upward adjustment will be made if
found to be understating their profits
through improper transfer pricing;
iii) IRAS will not support companies in
Mutual Agreement Procedure (MAP)
discussions in the event companies suffer double tax arising from any transfer
pricing audit by IRAS or foreign tax authorities;
iv) Application for an APA will not be considered; and
v) Self-initiated transfer pricing adjustments will not be acceptable.
The above factors are just a general guideline. For full details and illustrations, please
refer to IRAS website at: http://www.iras.gov.sg
Our comments
As the revised transfer pricing guidelines involves all entities with related party
transactions, please review your company or group of companies to ensure that
proper transfer pricing documentation has been maintained, reviewed, updated
regularly and available upon request by IRAS. Otherwise, please take necessary steps
to comply with the arm’s length principle on all transactions with related parties.
•
13
Risk Management
Board and Audit Committees
Responsibility over Risk Management
Greater Responsibility over Risk Management
In recent years, there is growing emphasis on how listed
companies manage their risks in the current economic
market. With the global economic climate still uncertain
and unstable, there is greater need for companies to
focus on risk governance, and that companies should
have a sound system of risk management and internal
controls to identify, assess, manage and mitigate risks.
It is also increasingly more important that companies
take an integrated, enterprise-wide approach to manage
their risk exposure.
With the amendments to the SGX listing rules and the revised 2012 Code (Guidelines
11 and 12.4(b)), we acknowledge that the Board's responsibility over risk
management has become more explicit now.
For example:•
The responsibility of risk governance has been added as part of the board’s
responsibilities and ensures sound system of risk management.
•
Determine the company’s levels of risk tolerance and risks policies.
•
Oversee Management in designing, implementing and monitoring of the risk
management and internal control systems.
•
Require the Board to provide opinion on the adequacy of internal controls,
addressing financial, operational, and compliance risks of their companies.
Enterprise Risk Management Framework Requirement
According to the Guidebook for Audit Committees in Singapore, Second Edition, Audit
Committee (“AC”) members should ensure that there is an ERM framework in place
that enables risks and internal controls to be identified, assessed, managed,
monitored and reported.
AC could engage the Internal Auditors to critically evaluate the framework designed by
the Management. An annual review of the adequacy and effectiveness of the
company’s risk management and internal control system should also be carried out by
the Internal Auditor and the board should comment on the adequacy and
effectiveness in the Company’s Annual Report.
•
14
Risk Management
Improvement in Risk Management for Singapore Listed Companies
According
to
2014
The
Governance
and
Transparency Index (“GTI”), Singapore listed
companies
have
realised
higher
corporate
governance standards across the years. The GTI
2014 continued to capture improvements in corporate
governance practices as seen in ascending GTI
scores since 2011.
The revision of the code and recent changes in
Singapore Exchange listing rules have place greater
responsibility on the board and senior management in
risk governance. These changes require the board to
comment on the adequacy of the internal controls and
risk management framework. In 2014, there has been a
sharp increase in the number of companies with the
boards commenting on the adequacy of their companies’
internal controls and risk management policies,
maintained at a high level of 82% or 528 companies.
How can Paul Wan and Co help?
We can facilitate the Board and AC in conducting assessment of the company's
current risk management process and internal controls system. Following the
assessment, we can support the Board and the AC in formalizing and assessing the
Enterprise Risk Management, and other necessary reviews in supporting the Board
and the AC in forming the basis to assess the internal controls system. For more
information,
please
contact
Lawrence
Lim
(+65
62203280
or
[email protected]).
•
15
Protecting Businesses
Protecting Businesses from being Hacked
What is happening in the world?
In the recent times, the word “hacked”
has been making appearances in the
news. Just days ago, the US Centcom
Twitter account was hacked by pro-IS
group. This led to Twitter and Youtube
accounts of the US Military Command
suspended for a few hours. But this was
not before the US Military Command
was humiliated when the hackers posted
on Centcom’s Twitter feed reading:
“American soldiers, we are coming,
watch your back.” Some internal military
documents also appeared in the Twitter feed. Embarrassingly, the hack took place as
US President Barack Obama was given a speech on cyber security. In his speech,
President Obama said that the internet creates enormous vulnerabilities for the nation
and its economy. US spokesperson attempted to play down this incident by claiming
that this is “cyber vandalism” and not a serious data breach.
In the wake of the recent spate of hacking incidents, the White House are pushing for
cyber security legislation. Not too long before this was the hacking of Sony Pictures
last November. A group of hackers calling themselves the Guardians of Peace pulled
off an enormous hack by breaking into Sony Pictures Entertainment computer
networks. The hackers claimed to have stolen everything in the network and steadily
leaked the stolen data periodically. The almost hundred terabytes of data included
emails from senior executives, secrets on upcoming films and projects. The FBI has
put the blame on North Korea while the latter has denied the allegations. However,
this hack was widely thought to be North Korea’s reprisal for the Sony produced movie
“The Interview”, in which North Korea Dictator Kim Jong Un is assassinated by the
CIA. It is interesting to note that before the hack, PriceWaterhouseCoopers conducted
a security audit and found major gaps in the company’s cyber security infrastructure.
Coincidentally, weeks after the Sony Pictures hack, internet researchers reported that
the North Korean networks are under duress and there were evidence of Denial of
Services directed at North Korea’s servers, essentially bringing internet connections to
a halt.
•
16
Protecting Businesses
Singapore is not immune to hacking activity
Our local scene is not spared from hacker attacks either. In late 2013, a global hacker
group named Anonymous threatened to hack Singapore’s IT infrastructure to protest
against the Singapore Government’s new licensing rules imposed on websites here.
Before this, a member from the group known by the online moniker “The Messiah” has
already attacked some government sites, namely People’s Action Party’s Community
Foundation page and Ang Mo Kio Town Council page, and modifying their website
contents. In response, a IT Security Incident Response team was set up to coordinate
responses to a cyber-intrusion and all government agencies were alerted. Following
these, more government websites were hacked and defaced, ranging from Seletar
Airport page, Straits Times page to websites of several schools. The website of
Singapore Prime Minister Lee Hsien Loong and the Istana were not spared either. The
spate of cyberattacks was dubbed malicious and plans are made to further secure the
websites and rectify any security vulnerabilities. Prime Minister Lee also pledged to
hunt down the perpetrators.
It is obvious that cyber attacks are not bounded by geographical distances. As
information technology becomes more pervasive in our daily lives, we are also
increasingly exposing ourselves to cyber attacks. Cyber attacks could happen to
anyone at all levels – countries, governments, corporate entities and individuals, like
you and me.
How can I protect my business against hackers?
Change your passwords frequently
Your password should always be unique and take time to choose a strong password.
A strong password incudes a mixture of numbers and letters, big case and small case,
and random symbols. User names and passwords are easy gateways for hackers to
enter your iphone, email accounts and corporate systems. So keep them away by
changing your passwords periodically on a monthly basis. If your corporate system
requires two factor authentication, that is even more secure.
Keep out spyware on your workstations
Avoid Trojans through downloading of software and music. Also keep your anti virus
software updated so that it can detect and remove any impending danger. Another
way to keep hackers from sneaking in through Trojans is to have a firewall setup in
the corporate environment. It would act as the first line of defence. Office staff should
also limit the use of their workstations to work only. Incessant surfing of online shops
and downloading of free media, increases the risk of getting infected by Trojans.
•
17
Protecting Businesses
Limit network access
Office staff should only be allowed enough network access to perform their work
obligations. It is a hassle to monitor and track their access but definitely worth the
pain. It lowers the chances of a firm wide data breach; hence it is always good
practice to make sure only the necessary users have access to certain data.
Do not store more data than you need
There is often no reason to keep customers’ identification details and other sensitive
information just so that you have them on file. Make it a policy to purge customers’
data once the data is no longer relevant or required. The risk of a data breach
outweighs the convenience of your customers. “If you have nothing to steal, you can’t
be robbed.”
Train your staff
Many security breaches occurred because internal staff unknowingly and
unintentionally leaked out sensitive information either to hackers posing as clients or
by clicking on malicious email links. Training your staff on how to identify and avoid
such breaches can save your business from being the next victim.
Avoid releasing too much company details on social media
A hacker can obtain information about the
company through social engineering. The
hacker does his research on the company
using various techniques to hack a company
based on human error. They attempt to identify
business relations the company has through
social media or by simply calling the reception.
They would then use the information obtained
previously to make another call, in the hope of
getting more information now that the
receptionist believed the hacker is a genuine
client. After a string of inquiries, the hacker
could have obtained enough information to
hack the corporate system. The hacker may
also know who to approach if he requires assistance from inside. This could be a
disgruntled staff or a dull staff. By manipulating the weakest link to make a bad
decision, the hacker could obtain what he wants easily.
•
18
Protecting Businesses
Have a security guy in your business
Most businesses are willing to pay for security guards to look after warehouses and
offices. However, it is surprising that most of them do not think that they need a
security guy to guard their Information Systems. It is
unthinkable because often the data holds more value
than the inventory they have in their warehouses.
Business owners often assume their data is well
protected or that no one would bother to steal them.
Having a security expert or consultant means he would
be able to identify security lapses and advise the
management accordingly on a regular basis.
Companies would then be proactive in thinking about IS
security in a long term basis. This is contrary to the
traditional view of hiring a security consultant only after
a major data breach has been exposed.
What do we do at Paul Wan & Co
IT landscapes today are large and diverse, moving towards more complex systems.
Several companies are faced with the challenge of controlling IT costs and delivering
on quality, security and risks. Paul Wan & Co offers technology consulting services
tailored for your business challenges. For more information please contact Shaun Soh
(+65 6220 3280 or [email protected]).
•
19
Clients and MI Members
Clients and MI Members
2015 Hayes Knight Annual Conference
Hayes Knight, the Australia/New Zealand member firm of Morison International
organized their annual conference in Adelaide from 12 March 2015 to 15 March 2015.
Mr. Wan, our Managing Partner, is also the Chairman for Morison International Asia
Pacific was invited to attend the Conference.
Mr. Paul Wan (extreme right) with Directors from Hayes Knight Group
Australia (left).
Mr. Paul Wan (middle) with Mr. Greg Hayes (left), Chairman of Hayes Knight Group
and Lisa Armstrong (right), Knowledge Shop Australia.
•
20
Clients and MI Members
Mr. Paul Wan met up with Mr. Kenji
Yamamoto, the Chairman of the
Libera Group, one of Japan's largest
and oldest shipping group in Tokyo
in late February.
Mr. Kenji Yamamoto is the 7th
generation owner of the Group which
spans close to 300 years in
business.
Mr. Paul Wan and Mr. Kenji Yamamoto
Paul Wan & Co is proud to serve the
Libera Group for the last 22 years.
Mr. Paul Wan and Mr. Henry Shin,
Senior Partner of Echon & Co were in
Phuket recently for a meeting.
Echon & Co is the 8th largest South
Korea CPA firm and is the member firm
of Morison International.
Paul Wan & Co and Echon are working
in collaboration to bring a client of Paul
Wan & Co in Thailand to list on
KOSDAQ in South Korea.
Mr. Paul Wan and Mr. Henry Shin
•
21
Clients and MI Members
Mr. Paul Wan and Mr. Henry Shin met up with client of Paul Wan & Co, Mr. Rathrhai
Promarsa, Managing Partner of the Prince Hotel Group Thailand for discussion.
Mr. Henry Shi, Mr. Paul Wan, Mr. Rathrhai Promarsa
Mr. Paul Wan, Mr. Rathrhai Promarsa
•
22
Happenings at Paul Wan & Co
Happenings at Paul Wan & Co
Paul Wan & Co celebrated Chinese New Year at Raffles Town Club on 13th February
2015.
Paul Wan & Co
Bangkok Retreat
25th - 28th September
2014
•
23
Singapore Qualification Programme
Singapore Qualification Programme
Launched in June 2013, the Singapore Qualification Programme
(Singapore QP) is one of the key initiatives to transform
Singapore into a leading global accountancy hub. It offers a
career pathway to graduates with either accountancy or nonaccountancy degrees, it also adds diversity and depth to the
talent pool of the accountancy profession.
The successful completion of the Singapore QP will lead to the conferment of the
Chartered Accountant of Singapore designation that is globally recognised and
internationally portable. Employers globally will recognise the candidates as a
professional with broad knowledge and deep expertise, opening the doors for them to
be presented with the opportunities to work in major business and financial centres
such as New York, London and Hong Kong.
Paul Wan & Co is an Accredited Training Organisation (ATO) that has been certified
by the Singapore Accountancy Commission (SAC) to possess the appropriate
standards of staff training, accountancy resources and development for Singapore QP
candidates to fulfil their Practical Experience.
We are pleased to introduce our first Singapore QP candidate,
Mr. Shaun Soh who holds a degree in Computer Engineering
from National University of Singapore. As his ATO, we are
honoured to provide him with the learning environment and
mentorship in his journey to become a Chartered Accountant of
Singapore.
For more information, please contact:
Mr. Paul Wan, 10 Anson Road #35-07/08, International Plaza, Singapore 079903
Tel: (65)6220 3280 Fax: (65) 6224 5473 Email: [email protected] Website: www.pwco.com.sg
The Professional is for the use of clients, professional contacts and staff of Paul Wan & Co. Coverage of topics
are not necessarily comprehensive and does not purport to give professional advice.