The Self-Assessment and Taxation of Legal Firms Seminar held on 23 June 2009 was a roaring success, going by the number of participants who attended the same. Numbering almost 60, the participants were enthralled by a very distinguished panel of speakers comprising Mr Soh Lian Seng and Ms Long Yen Ping, both Executive Directors from KPMG as well as two (2) moderators and members of panel, Mr Anand Raj and Mr Vijey M. Krishnan, lawyers, from M/s Shearn Delamore & Co and M/s Raja Darryl & Loh respectively.
While awaiting other participants who were slightly late, those present eagerly fired questions to the panel of speakers. Mr Anand Raj and Mr Soh Lian Seng were kept busy entertaining their queries until all the participants had arrived and the seminar proper started. Both Mr Soh Lian Seng and Ms Long Yen Ping have more than 32 years experience between them in all matters of tax services, in particular tax audits, investigations and personal tax issues relating to inbound and outbound assignees, employer tax related issues and tax advisory; personal tax consulting, remuneration repackaging, employee share schemes, compensation and benefits and payroll review among other things.
Mr Soh Lian Seng began the session with a step by step procedure on how to organise documents/receipts/bills before one is audited by the Inland Revenue Board (IRB). The ‘dos and don’ts’ presented offered practical solutions in how to prepare oneself before the IRB in order to avoid penalties, etc. Ms Long Yen Ping spoke at length on promotions and exemptions on export services, special incentives, payments of estimated tax, etc.
There was also very good synergy among the panel of speakers and moderators as each one offered their expertise with ease and simplicity in matters of receipts, accruals, contentious and non-contentious items, non-employment income, bad debts etc. A subject so technical that to a layperson it would have sounded greek, through their expertise and guidance, everyone present was able to understand and digest the tax terms and jargon. As the seminar progressed, it began to sound more like a discourse what with audience participation and intermittent questions and answers.
The eager beavers kept up their tirade of questions and kept the panel of speakers on their toes until 7.00 pm. Some of the feedback that we received from the participants was positive and promising… and as one participant commented, “I have never dealt with taxation matters before but this seminar was an eye-opener. I now understand so much more”.
Kudos to the very experienced and informative panel of speakers who went to great lengths to explain tax matters.
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