With OECD’s BEPS framework, FATCA, CRS, economic substance laws and on the horizon, the proposed new Section 10L of ITA, the fiduciary industry continues to grapple with an increasingly granular tax reporting. These initiatives have made tax transparency and reporting an onerous task for trustees. The interplay of the requirements can be complex to navigate.
Join STEP Singapore for the sessions below:
Part 1 of the Series examines the Singapore tax issues around trusts administered by Singapore trustees, their tax obligations, the substance requirement of the trust structures and the reporting obligations.
Part 2 of the Series examines the evolution of the Singapore structures with changing needs of the family and the regulatory environment. The single-family office structure continues to entice families to Singapore. With heightened requirements for the tax exemption scheme and anti-money laundering requirements, this session looks into the new criteria of family office and pairing the criteria with tax issues discussed in the first session.
19 March 2024 - Part 2
12.00 – 12.30pm: Registrations and Standing Buffet Lunch
12.30 – 12.35pm: Opening Remarks by Chairperson
Ms Goh Seow Chee - Managing Director, Aequitas Advisory Pte Ltd
12.35 – 01.45pm: Session 2: Trust Tax - Trap or Map? (Part 2)
Mr Irving Aw – Director, Singapore, Osborne Clarke
01.45 – 02.00pm: Panel Discussion & Q&A Session
Mr Irving AwDirector
Osborne Clarke, Singapore
Irving is a dual-qualified attorney (New York and Singapore) with more than 18 years’ experience in tax and investment fund. Irving’s broad tax practice covers international tax, corporate income tax, value added tax, and tax controversies in Singapore and in the Asia-Pacific region. He advises and supports clients from a plethora of sectors and industries, including technology companies, financial institutions, life science companies, energy companies, and family offices, on complex domestic and cross-border tax issues and transactions. He also regularly advises international organizations and national governments on tax law and tax policy matters.
In his other practice area of investment funds, Irving has worked extensively on both upstream fund formation and downstream transactional mandates. He represents fund sponsors and mangers in the legal and tax structuring and formation of private funds across a wide range of investment strategies, as well as supports the legal and tax aspects of the investment and divestment activities of such funds. Irving is recognised for his tax law expertise by Chambers, The Legal 500, International Tax Review, and AsiaLaw, and is the winner of the 2022 Lexology Client Choice Award for Corporate Tax in Singapore.
Ms Goh Seow CheeManaging Director
Aequitas Advisory Pte Ltd
Before starting Aequitas, Seow Chee has spent more than 20 years in the tax and financial services industry specializing in tax investigation, trust and family succession planning. In the most recent years, Seow Chee has been sharpening her focus on family office space, supporting Singapore and international clients. Prior to founding her firm, Seow Chee was the Managing Director and Head of Wealth Advisory South East Asia at J P Morgan Private Bank, Singapore. She had previously held senior positions in HSBC Trustee Singapore and Equity Trust Singapore (now known as TMF Group). She started her career with Inland Revenue of Singapore as a tax investigator.