To enhance the technical competence and capabilities of tax practitioners in Singapore, a new accreditation body, to be known as the Tax Academy, will be set up. It will start operating in the first quarter of next year.
According to ChannelNewsAsia, the academy is a non-profit organisation established by the Inland Revenue Authority, the Institute of Certified Public Accountants of Singapore (ICPAS), the Law Society, and the Big Four accounting firms.
Minister of State for Trade and Industry Lee Yi Shyan told the cable news network that the move will improve tax compliance in Singapore, reduce compliance costs and create a more business- friendly operating environment.
Participants in the new programme will earn the titles of Accredited Tax Practitioner or Accredited Tax Advisor after satisfying the professional requirements.
A new International Tax Programme has also been introduced to help professionals develop expertise in tax advisory work for Asia Pacific firms. The two-week intensive course will include sessions on topics such as advanced treaty concepts and the application of such concepts in Asia Pacific economies.