Singapore has recently announced two initiatives - to raise professional standards in the tax community, and to set up an accreditation body for tax practitioners.
Lee Yi Shian, Minister of State for Trade and Industry and Manpower, announced these initiatives at a conference on Asia-Pacific taxation in Singapore.
The first initiative, he stated, followed the establishment last year of the Tax Academy - set up by the Inland Revenue Authority of Singapore in collaboration with the large accounting firms, the Institute of Certified Public Accountants of Singapore and the Law Society. The Academy, according to the Minister "had launched an industry-wide capability development roadmap to raise the professional competencies and standards of tax professionals in Singapore”.
“The Tax Academy is leading the way in providing a robust platform by way of a Structured Tax Training framework to nurture talent and encourage professionals to be well grounded in tax principles,” he continued.
“This will position the profession to better serve their clients in tax advisory and compliance work.”
The second initiative involves the establishment of an accreditation body for local tax practitioners by the fourth quarter of this year.
The Trade Minister explained that: “The intent is to raise the standard of technical competence and capabilities of individual tax practitioners through accreditation. Participants will be accredited based on classroom and practical experience assessments.”
He added: “The benefits for the economy as a whole will be improved tax compliance, and lower compliance costs, and overall a more business friendly operating environment."
"Participants would earn the titles of an Accredited Tax Practitioner or Accredited Tax Advisor. They are also required to fulfil 30 hours of continuous professional education annually, to ensure they are kept abreast of the latest tax changes.”
The Tax Academy, the Minister further stated, also aims to prepare Singapore’s tax professionals to operate more effectively globally.
A new International Tax Programme was also launched at the conference, operating as a collaboration between the International Tax Centre at Leiden University (Netherlands) and the Tax Academy.
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