OSH MasterClass Series: Tax Risk Management Conference
The Tax Risk Management MasterClass held on 22 July 2015 was a full-day affair, marking a first for the OSH Masterclass Series. The morning session addressed the needs of the In-house Tax Professionals, and the afternoon session the In-house Legal Counsel.
The session for In-house Tax Professionals focused on their role in an organisation’s Enterprise Risk Management landscape. One of the key takeaways from this session was Mr Ong Sim Ho’s sharing of the “3M approach” – Mindfulness, Mapping and Matching – as a practical tool for rising above transaction reporting and truly thinking about tax risks. The session rounded up with a discussion of the current issues in tax disputes and observations of recent developments.
The afternoon session for In-house Counsel opened with a “demystifying” of tax law through a step-by-step analysis through a legal tax case study. The theme for the afternoon was very much about the empowerment of the In-house Counsel in taking an effective role in an enterprise’s tax risk management process. To that end, Mr Ong Sim Ho delivered a concise primer on key taxation concepts for business and highlighted the critical common areas tax issues may arise from. Participants were given an overview of the tax dispute resolution process in Singapore, with insights gleaned from the key statistics on the rate of tax litigation. Finally, current tax issues and developments were discussed, with a focus on the importance of the legal privilege conferred on In-house Counsel when giving legal advice on tax issues.
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The OSH MasterClass Series aspires to deliver a high standard of technical exposure for our clients and market partners to areas of law for which our expertise is recognised. A constant feature of our MasterClass events is a strong strategic and practice focus and thoughtful sharing of our knowledge and experience. Underlying our efforts is the belief that delivering success for our clients is the fruit of partnership with our clients and market partners.