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

Dr Ernest Kan, Chairman of the Singapore Institute of Accredited Tax Professionals and President of the Institute of Certified Public Accountants of Singapore

Distinguished Guests, Ladies and Gentlemen

It is my pleasure to join you here at the launch of the Singapore Institute of Accredited Tax Professionals (SIATP).

The SIATP is jointly established by the Institute of Certified Public Accountants of Singapore and the Tax Academy of Singapore. This is a major step to raise the standards of tax practice and professional competencies of our local tax practitioners.

Accredited tax practitioners would have the expertise and experience to better manage the tax affairs of their clients and provide value-added services and advice. This will help their clients comply with their tax obligations at the lowest possible cost.

I believe the higher standards of service and professionalism of the accredited tax practitioners will give them a strong competitive edge compared to those who are not, and will be preferred by companies and individuals who are in need of tax services. As such, I urge the industry and accounting firms engaged in tax compliance and advisory work to encourage your staff to apply for accreditation.

On a macro level, the Singapore economy will also benefit from higher overall standards of client servicing and tax compliance. Singapore’s position as an efficient and effective business hub will be improved, making it more business friendly and compelling for companies to operate here.

IRAS will give our full support to the SIATP to ensure its success. Raising the standards and capabilities of tax professionals is an integral part of our strategy to leverage on industry players to achieve increased voluntary compliance. A high level of voluntary compliance is an outcome we strive for, as we believe this is the most sustainable outcome to ensure effectiveness and efficiency of tax administration.

We expect the quality of tax returns and submissions by accredited tax professionals to be much higher and hence pose less compliance risk. This will allow us to focus our education and compliance efforts on taxpayers who do not engage accredited tax professionals.

We also intend to make it a requirement that assurance checks should first be conducted by an accredited tax practitioner before a business can apply for or continue to be given benefits under certain GST schemes, like the Import GST Deferment Scheme and the Major Exporter Scheme.

I would like to commend the Tax Academy for the significant contributions since inception to upgrade the professional standards of the tax community. It will continue to encourage tax professionals to raise their individual competencies. In-house tax professionals will be given a 50% subsidy for Levels One and Two of the TA’s Executive Tax Programmes which is currently given only to smaller tax agents. We hope this will encourage them to upgrade their skills and apply for accreditation as well.

IRAS will also give a 50% subsidy to SIATP members who take the Advance Tax Programme at the Tax Academy so as to encourage more tax practitioners to attain a higher level of recognition and technical development. They will also enjoy special privileges such as priority registration for Tax Academy’s courses, free access to IRAS’ Resource Centre, and exclusive invitations to IRAS’ talks and seminars.

I am also happy to share that the TA’s programmes are now recognised as the benchmark for professional tax competency, and that its courses are recognised by the SIATP for accreditation purposes. This recognition is important for the Tax Academy as it strives to become the premier centre for tax education in Singapore and the region.

Before I conclude, I would like to add that the pursuit of knowledge and competence should be continuous, especially in view of today’s increasingly competitive environment. Recognition through accreditation will help set you ahead of others and I therefore look forward to your strong support of the SIATP.

Thank you and I wish you a pleasant day ahead.

Tax Academy of Singapore