[Featured Photo: At the SMU-TA Centre for Excellence in Taxation Conference. L-R: Prof Jeffrey Owens, Chairman of SMU-TA CET Technical Advisory Panel; Ms Indranee Rajah, Singapore’s Senior Minister of State for Law and Finance, Mr Chris Woo, Head of Tax, PwC Singapore, Prof David Rosembloom, Director of International Tax Program, School of Law, New York University; Mr Ho Khoon Ming, Head of Tax, KPMG Asia Pacific; Prof Katarina Adam, HTW Berlin]

The SMU-TA Centre for Excellence in Taxation (CET) Annual Conference 2017 delved into insights about future of taxes in light of developments in global political scenes in the last year, potential tax reforms in major economies, and governments taking steps towards new tax rules and measures related to the implementation of BEPS-minimum standards. Into its third year, the Conference themed “Future of Taxes in Disruptive Times” was held at the York Hotel in Singapore on 17 August 2017.

About 120 participants from the region heard from Guest-of-Honour (GOH) Ms Indranee Rajah, Singapore’s Senior Minister of State for Law and Finance, as well as speakers comprising government, industry and research experts. 

In her opening address at the conference, Ms Indranee said that digitalisation is now challenging conventional notions of taxation and Singapore’s tax system must keep up with digital disruptions as companies will face more uncertainty in global business if different tax jurisdictions take different approaches to the digital economy. Thus, for the sake of fair competition, the Singapore authorities aim to ensure traditional and digital businesses are taxed on a level playing field. She emphasised that a level playing field for businesses across the world is a priority for the Republic.

"Jurisdictions across the world, including Singapore, are grappling with how to deal with taxation of digital economy and studying this closely. Some jurisdictions have taken steps to adjust their GST (goods and services tax) system to ensure a level playing field between their local businesses which are GST-registered and foreign-based ones which are not. We are studying how we can do likewise."

Given the state of flux, Ms Indranee reiterated that it was critical and timely to consider how best to minimise and manage the uncertainty. She also shared Singapore’s three-pronged approach in responding to such disruptive and uncertain times – these included how Singapore was committed to providing a stable business environment for businesses by upholding international principles and participating in international efforts; how Singapore would continue to engage businesses to ensure that our tax system remained growth-oriented; and specific to the taxation of the digital economy, how Singapore advocated three high-level principles: (i) tax certainty for businesses, (ii) tax neutrality between traditional and digital business models; and (iii) international consensus. 

Conference participants also heard from a strong line-up of distinguished speakers and panellists. They included:

·         Prof Dr Jeffrey Owens, Director of WU Global Tax Policy Center, Institute for Austrian and International Tax Law, WU (Vienna University of Economics and Business), and Chairman of SMU-TA CET Technical Advisory Panel;

·         Mr Ho Khoon Ming, Head of Tax, KPMG Asia Pacific;

·         Prof David Rosembloom, Director of International Tax Program, School of Law, New York University, and Member of SMU-TA CET Technical Advisory Panel;

·         Prof Katarina Adam, Professor, HTW Berlin

·         Mr Chris Woo, Head of Tax, Pricewaterhouse Coopers Singapore Pte. Ltd.;

·         Mr Chia Seng Chye, Partner, Ernst & Young Solutions LLP;

·         Mr Kor Bing Keong, Partner, Ernst & Young Solutions LLP;

·         Mr Jonathan Stuart-Smith, Partner, International Tax Services, Ernst & Young Tax Co.;

·         Ms Nathalie Bravo, Research Associate, Institute for Austrian and International Tax Law, WU (Vienna University of Economics and Business);

·         Dr Blazej Kuzniacki, SMU-TA CET Research Fellow;

·         Mr Steven Rudolf Sieker, Partner, Baker&McKenzie;

·         Ms Evelyn Lio, Assistant Commissioner, International Tax Affairs and Relations, IRAS;

·         Ms Doreen Tan, Chief Tax Policy Officer, Ministry of Finance, Singapore;

·         Prof Dr John Hutagaol, Director of International Taxation, Directorate-General of Taxes, Ministry of Finance of the Republic of Indonesia;

·         Mr Jun D. Takahara, Partner, Deloitte Tohmatsu Tax Co.;

·         Mr Shanker Iyer, Chairman, IFA Singapore Branch, Founder & Chairman, Iyer Practice; and,

·         Assoc Prof Darren N T Koh, Vice-Dean, School of Law, Singapore University of Social Sciences.

The experts and Centre’s researchers discussed and shared views on disruptive trends in taxation and the economy, from various perspectives – Asian, US and technology. They also examined ideas for the future, looking at challenges and opportunities for taxation, dealing with cross border tax controversies, facilitating cross border disputes through multilateral instrument and the tax world by 2020.

SMU-TA CET Director and SMU Associate Professor of Accounting Goh Beng Wee stressed the importance of the discussion on the Future of Taxes in Disruptive Times to further the debate on new tax issues and to reach a better state for governments and businesses alike. He said, “While the review of the tax rules can be said to be in anticipation or in response to the way businesses have changed over the years, it is also right to say that businesses will be the ones most affected by changes in tax rules. Such a nexus between businesses and governments, only emphasises how essential it is for both parties to be engaged in resolving and moving forward tax issues.” 

He added that the SMU-TA CET aimed to contribute, in a different way, to the debate on tax issues by introducing the depth and breadth of academic research into the discussions between governments and businesses. It seeks to inspire new perspectives by looking at issues from neutral standpoints and encouraging debate from all stakeholders. In addition, it encourages collaboration between academics and other segments of the tax community with the objective to produce practice-oriented research work. He hoped that the continued research work of the SMU-TA CET, would benefit deeper analysis and cooperation amongst stakeholders in dealing with the tax issues of the 21st century. 

For more information, please visit: https://accountancy.smu.edu.sg/cet/

About the SMU-TA CET:

The SMU-TA CET is the first tax research centre in Singapore and is jointly set up by SMU School of Accountancy and the Tax Academy of Singapore. It undertakes policy-relevant, practice-oriented research and provides thought leadership in international tax with a particular focus on Asian economies and tax systems.

Enclosures:

(i) GOH Speech by Ms Indranee Rajah, Singapore’s Senior Minister of State for Law and Finance

(ii) Welcome Remarks by SMU-TA CET Director and SMU Associate Professor of Accounting Goh Beng Wee (PDF below)

Other links: http://www.straitstimes.com/business/economy/tax-system-needs-to-keep-up-with-disruptions-indranee