Mrs Lim Hwee Hua, Minister in the Prime Minister’s Office and Second Minister for Finance and Transport

Mr Moses Lee, Commissioner of Inland Revenue

Mrs Chia-Tern Huey Min, CEO of the Tax Academy of Singapore

Distinguished Guests

Ladies and Gentlemen,

Good Morning

Introduction and Welcome

On behalf of the Institute of Certified Public Accountants of Singapore and the Singapore Institute of Accredited Tax Professionals, I would like to extend to all of you, a very warm welcome to the official launch of the SIATP (pronounced S-I-A-T-P).

I would like to take this opportunity to thank our Guest of Honour, Minister Lim, who has kindly taken time off her busy schedule to officiate today’s launch.

SIATP is set up by ICPAS, in partnership with the Tax Academy of Singapore. The setting up of the first accreditation body for tax professionals was first announced at the Asia Pacific Taxation Conference held in Singapore in August last year. And today, we celebrate the fruition of a groundbreaking development that will have significant impact on the tax profession and accountancy sector.

For the first time, tax professionals here can apply for a professional designation, as (1) Accredited Tax Advisor, (2) Accredited Tax Practitioner or (3) Provisional Accredited Tax Practitioner. By signing up with SIATP, tax professionals who meet the criteria will have the right to use the professional designations, which attest to their professional competence and credibility. They can have their finger on the pulse of latest tax developments via SIATP’s regular alerts and library of resources. They can grow their skills through continuing professional development and build their network of business contacts.

With more cross-border businesses and an increasingly complex tax environment, demand for highly-skilled tax professionals will increase. SIATP will play a vital role in ensuring tax professionals are equipped with the right skills, which is imperative in an increasingly globalised business environment.

SIATP supports ICPAS’ goal to raise the professional training and advocacy support of niche areas such as taxation and heighten the status of the tax practitioner by providing a pathway to obtain a specialist designation. As globalisation and technology continue to change the face of the accounting profession, we anticipate increased demand in the specialist fields of assurance, consultancy, insolvency, taxation and corporate finance. Thus, SIATP will cater to the market’s need for tax practitioners with highly advanced technical knowledge and skill sets and industry-recognised credentials.

With SIATP, ICPAS is also supporting Singapore’s growth to be a global accountancy hub. This is in line with the Committee to Develop the Accountancy Sector‘s (CDAS) recommendation to develop niche specialisation pathways for the accountancy profession in areas such as international tax expertise.

Conclusion

As the accountancy profession in Singapore embarks on a journey to transform itself into a leading global accountancy hub for the Asia-Pacific region by 2020, accountants and tax professionals today need to keep abreast of the latest developments in their areas of expertise and continue to learn and upgrade their skill sets. SIATP aims to contribute by helping Singapore fulfil its potential to be the regional centre of excellence in tax education and a leading regional tax hub.

We would not have been able to launch SIATP without the support of our stakeholders in industry and government. I would especially like to thank our partner the Tax Academy of Singapore, Inland Revenue Authority of Singapore, and in general the Ministry of Finance for their strong support. There is a saying: “Tomorrow belongs to the people who prepare for it today”. At SIATP, we will prepare the ground for the opportunities that lie ahead for tax professionals, and for Singapore as a global accountancy hub.

Thank you for your presence here and have a fruitful day ahead.

Tax Academy of Singapore