Jack HM Wong Named One of the Notable Singapore Tax Practitioners of 2011


Awards

26 February 2012

Singapore, February 26, 2012 – Jack HM Wong, the Founder and Lead Business & Tax Advisor of WHM Consulting Pte Ltd has been named one of the Notable Singapore Tax Practitioners by Chambers & Partners in 2011.  Jack entered into the Chambers & Partners list for the first time in 2010 and this is the second time in a row for Jack to be recognized for his expertise in Singapore taxation.

According to Chambers & Partners, Jack wins praise “for his effective balance of technical skill and client services.”  One commentator noted  “He is always timely in his advice and accommodating of our needs.”

Jack HM Wong, the Founder and Lead Business & Tax Advisor of WHM Consulting, said, “I am extremely delighted when I receive this piece of news.  I believe one of the major challenges for most of the tax practitioners in Singapore is that they are not only required to provide their clients with good quality advices, but also they must be able to exceed their clients’  expectation to win their trust and confidence.   It is unacceptable by my standard if the advice I gave did not address my clients’ concern or if the advice is not delivered on time.  In my opinion, a top tax advisor should possess not just the technical skills but also the business skills.  It is my observation that in Singapore, there are many excellent tax advisors which are good in one but not both.  They can be technically strong but they have not been trained to have good listening ears to understand what their clients want.  Alternatively, they have good listening ears but the technical skills are just above average.   And  I truly believe that my success in getting this market recognition is due to my balanced approach in treating my clients as my valued business partners, not just a client-advisor relationship, and grow with them in their businesses.”
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Singapore 2012 Budget – Tax Implications for Multinational Companies


Dear Clients and Business Associates,

We are pleased to attach our Singapore 2012 Budget Commentary in which to discuss the tax implications for Multinational Companies for your information.

2012 Budget Commentary

We trust that you will find our comments useful.  If you have any questions or comments on this alert, please contact us at jack.wong@whm-consulting.com.

Best regards
Jack HM Wong
Founder and Lead Business & Tax Advisor
WHM Consulting Pte Ltd
E-mail: jack.wong@whm-consulting.com

Snapshots of Hong Kong Budget 2012-2013 delivered on 1 February 2012


Dear Valued Clients and Friends

Mr. John Tsang, the Financial Secretary of Hong Kong Special Administrative Region, has just delivered the Budget for the financial year 2012-13 today.

According to Mr. Tsang, for 2012-13, there will be a small deficit in the Consolidated Account but will largely achieve a fiscal balance. The estimated government revenue will be HK$390.3 billion. On the other hand, operating expenditure for the coming year is estimated to be HK$315 billion, which represents a 6% increase over the revised estimate for 2011-12. Recurrent expenditure will be HK$264.3 billion whereas capital expenditure will be HK$78.7 billion. Total estimated government expenditure for the coming year is forecast to be HK$393.78 bullion. The government’ fiscal reserves are estimated at $658.7 billion by the end of the following financial year, representing approximately 34% of GDP or equivalent to 20 months of government expenditure. In terms of the economic highlight, the forecast GDP growth is 1–3% and the headline inflation rate is estimated at 3.5%.

Continue reading Snapshots of Hong Kong Budget 2012-2013 delivered on 1 February 2012

Happy and Prosperous New Year


 

 

Dear Valued Clients and Friends

In less than 12 hours, we will celebrate the arrival of 2012.  On behalf of WHM Consulting Pte Ltd, I take this opportunity to wish all of you a Happy and Prosperous New Year.

Best regards
Jack HM Wong
Founder and Lead Business & Tax Advisor
WHM Consulting Pte Ltd
E-mail: jack.wong@whm-consulting.com

Another taxpayer was penalized for making GST errors


 

 

Dear Valued Clients and Friends

It is reported in the Inland Revenue Authority of Singapore’s (“IRAS‘”) website today that a local company that is in the business of promoting and organizing shows and other entertainment acts failed to state the correct amount of Goods and Services Tax (“GST“) output tax in its GST returns during 2005 and 2006, resulting in an underpayment of GST amounting to some S$503,000.

The error was uncovered by IRAS investigators who found that sales figures submitted by the taxpayer for income tax purposes did not tally with the sales figures reported for GST output tax for the years concerned. It was also found that the taxpayer had not included the GST collected on the ticket sales for both years as output tax in its GST returns.

Although the taxpayer was aware that it was required to account for the GST on the ticket sales, it failed to check the GST returns prepared by its tax agent.  The taxpayer pleaded guilty to charges of under-declaration of GST without reasonable excuse and was ordered to pay a penalty of S$602K and a fine of S$10K. During the investigations, it was found that the taxpayer also made similar under-declaration of output tax in other years and the amount of tax and penalty involved was approximately S$984K.

What does this mean to our clients?

We are aware that many clients outsource the preparation of tax returns to their tax agents. Having said that, the clients must understand that they have the final responsibility to make sure that these tax returns are accurately prepared and submitted within the prescribed time-frame.  They cannot rely on the fact that the tax returns prepared by their tax agents must be correct and thus, they do not need to undertake any further review.  As you have seen in this particular instance, it would not be accepted by IRAS as an excuse.

We trust that the above information is useful to you.

As always, we are pleased to assist you or your company in resolving any potential tax issues.  Please contact us at jack.wong@whm-consulting.com if you would like to discuss any of your/ your company’s concern on tax issues.

Best regards
Jack HM Wong
Founder and Lead Business & Tax Advisor
WHM Consulting Pte Ltd
E-mail: jack.wong@whm-consulting.com

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