![]() STEPPING UP - ISSUE 22 (31 October 2013) |
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COMMITTEE NEWS: | |||||||||||||||||||||
Chairperson's Message |
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Goh Seow Chee |
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STEP Members Consultation 2021 | |||||||||||||||||||||
On 18th September STEP Worldwide Council debated the shape of STEP to come; scoping issues, challenges and opportunities that would shape the future plan for STEP and for serving every member and the practices and businesses you work in. David Harvey, Chief Executive of STEP outlines some of the issues considered:
David Harvey | Chief Executive Society of Trust and Estate Practitioners (STEP) |
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Invitation for Expressions of Interest in Forming SIG on ADR | |||||||||||||||||||||
Following the launch on the first Special Interest Group (SIG) on Business Families on 30 September 2013, the STEP Committee is considering whether it is feasible to have a second SIG, on Alternative Dispute Resolution (ADR). The proposed SIG on ADR aims to promote the understanding of alternative means of dispute resolution for trust and tax disputes. This intended scope is to provide a forum for members to discuss, promote and participate in the development of ADR pathways especially mediation and arbitration as alternatives to traditional court litigation. Mr S Sharma, Committee Member, an advocate & solicitor and panel mediator and arbitrator, will spearhead the formation of this SIG if there is sufficient interest from members. Members who are interested in being part of the proposed SIG on ADR are invited to contact the Secretariat by 30 November 2013 and register their interest in this SIG. Interested members are also requested to provide a short biography and their contact particulars when doing so. |
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INDUSTRY NEWS & UPDATES: |
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MAS Consultation on Exchange of Information |
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A briefing session was held at MAS offices on 25th September among several governmental offices and the trust industry regarding the implementation of the new Exchange of Information (EOI) Guidelines to be practiced in Singapore concerning tax matters. The STEP delegation included our Chair Ms. Seow Chee Goh along with the branch committee members. Also in attendance were representatives of the Singapore Trustee Association. The session, organized by MAS and lead by the Ministry of Finance, included participation from IRAS and the Attorney General´s Chambers in what turned to be a frank and informative dialogue between authorities and our industry on this important subject. Response by STEP Singapore branch to MOF Public Consultation on Amendments to the Income Tax to incorporate changes in Exchange of Information (EOI) Regime HERE. A summary of the key comments received and MOF’s responses available HERE. |
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Tax Information Exchange – The New Legal Landscape | |||||||||||||||||||||
By 1st January 2014, the powers of the Comptroller of Income Tax (Comptroller) at the Inland Revenue Authority of Singapore (IRAS) arelikely to be considerably enhanced to more efficiently extract confidential information and documents from persons in Singapore and provide them to foreign tax authorities (FTAs). This goes beyond bank and trust information held by entities supervised by the Monetary Authority of Singapore (MAS). [Read More] Contributed by S.Sharma - ATMD Bird & Bird LLP |
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STEP Certificate for Financial Services – Singapore (Trusts and Estate Planning) | |||||||||||||||||||||
The program’s inaugural launch was in February 2012. Since then the facilitator, Rockwills Institute Pte Ltd and its team of experienced lecturers, roped in from Rockwills and externally from leading practitioners have conducted two intakes of face to face classes totalling 58 students. This is a unique program targeted at equipping Financial Services Professionals (Financial Advisory, Insurance, Banking and other Professionals) to develop their knowledge and enable them to assist their clients in estate planning apart from the wealth management services that they already provide. Singapore is currently working to boost its pool of local finance experts so as to expand its robust financial sector. As published in the Straits Times on 16 May 2013, Prime Minister Lee Hsien Loong said that the Monetary Authority of Singapore (MAS) is working with the banks to discover ways to cultivate more local talent. Moving forward, this augers well for the STEP program as the financial services industry recognize and support the need to invest in the development and continuing education of Singapore’s human capital.”
Contributed by Lee Chiwi - Rockwills Trustee Ltd |
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UPDATES & DEVELOPMENTS: |
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Post-Event Updates | |||||||||||||||||||||
Post Event Update: Foreign Trusts: Problems and Solutions for Trustees and US Beneficiaries (1 August 2013, Level 10 M Hotel Singapore) | |||||||||||||||||||||
We are cognizant of the fact that families with family members who are US persons need to plan for their wealth transfer. Foreign grantor trust planning is a typical structure one would use. The speakers spoke about some of nuisances of drafting a foreign grantor trust and way to improvement the language of the trust agreement. The focus of the talk was on the phase post grantor’s demise. Speakers gave a good insight into issuesa foreign grantor trust (if it chooses to stay outside US) needs to observe in recording of income and gains, taxation of the US beneficiary and filing requirements.
Contributed by Goh Seow Chee - JP Morgan |
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Post Event Update: Changes to VISTA and Other Trust Laws in the BVI (27 August 2013, FTSE Room, Level 9 Capital Tower) | |||||||||||||||||||||
STEP Singapore organised a talk on changes to the VISTA and other Trust Laws in the BVI on 27 August 2013. Two prominent speakers were roped in to do the talk – Mr. Richard Grasby of Maples and Mr. Zac Lucas of Lawrence Graham.
Zac, who was one of the co-heads of the committee that looked into the changes of the laws of the VISTA and the other trust laws in the BVI, provided explanation as to why the changes were made and the intentions of the new laws. With the changes, the trustees have better guidance on their roles and responsibilities. Zac also touched on the use of VISTA together with Private Trust Companies (PTCs) as well as how creditors’ protection or security arrangements can be better managed.
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Launch of Special Interest Group on Business Families | |||||||||||||||||||||
On 30 September 2013, STEP (Singapore Branch) launched the Special Interest Group (SIG) on Family Businesses. This SIG aims to promote the understanding of structuring issues faced by families with business succession. It engages professionals to have a better appreciation of what is needed to effectively and efficiently advise families on their areas of needs. Mr Zac Lucas who is chairing the SIG, together with Ms Goh Seow Chee, Chair of the Branch, shared with members they could be involved in this area of interest. Slides presented at the launch can be viewed HERE.
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