how to avoid, how to settle
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Dispute Resolution. How to Avoid, How to Settle. www.taxand.com. Speakers. Mukesh Butani – Taxand India Michael Palumbo – Baker Hughes Eugene Gay – GlaxoSmithKline Amit Bhalla – Schneider Electric Leon Kwong Wing – Taxand Singapore. Contents . Appeals Mechanisms: Are They Working?. - PowerPoint PPT PresentationTRANSCRIPT
Asia Tax ForumMay 9-10, 2012 – Raffles, Singaporewith the support of
How to Avoid, How to Settle
Dispute Resolution
www.taxand.com
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
Speakers
Mukesh Butani – Taxand IndiaMichael Palumbo – Baker HughesEugene Gay – GlaxoSmithKline
Amit Bhalla – Schneider ElectricLeon Kwong Wing – Taxand Singapore
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
Contents
01 Appeals Mechanisms In Asia-Pacific: Are They Working?
02 How To Prepare If You Are Caught in a Dispute
03 When A Settlement Is The Best Option
04 Tactics For Jurisdictions Where Litigation Is Most Likely
05 Lessons From Key Cases: Hong Kong cases of Li & Fung; CG Lighting and Nice Cheer Investment Limited; Singapore’s First Section 33 Case
06 Key Contacts
07 About Taxand
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
Appeals Mechanisms: Are They Working?
Alternate mechanisms for dispute resolution; availability of both domestic and international framework?
Learnings from experiences in Asia-Pacific – India, Indonesia, Vietnam, Cambodia
Timing issues in resolving disputes
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
How To Prepare If You Are Caught In A Dispute
Evaluation of forms of dispute resolution mechanisms available
Experience in different countries: India, Indonesia, China, Vietnam, Philippines, Singapore
Preparing for uncertainty and tax dispute life cycle
Other out of box thoughts
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
When A Settlement Is The Best Option
Depends on company risk appetite and tax department leadership
May be considered where certainty and timing is important
Evaluation of impact of settlement
Experiences in some Asia Pac countries
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
Tactics For Jurisdictions Where Litigation Is Most Likely
Timely expert advice
Good housekeeping
Methodologies for mitigating tax and penalty exposure
Keeping top management informed
Country specific experience
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
Lessons From Key Cases
Singapore’s First Section 33 Case
Vodafone case
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
Singapore GAAR
•CEC v Comptroller•UOL Development (Novena) Pte Ltd v Commissioner•AQQ v Comptroller
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
Shareholder’s credit for tax at source on dividends
Company
Profit $100
Shareholder
Dividend $100(Finance) ($100)Net Nil
Tax NilRefund $20
$80 money
$20 creditfor TDS
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
The factual scenario
MY
SG
SG
SG
MY SG
NewCo
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
Circular flow of loan money
MY
SG
SG
SG
MY SG
NewCo
$225m money
SG bank
MU bank
$225m convertible note
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
Circular flow of interest
MY
SG
SG
SG
MY SG
NewCo
SG bank
MU bank
Interest-free
Interest
>99% ofinterest <1% of
interest
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
Thank you
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
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Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
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Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
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Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
E.T.
[email protected]+91 124 339 5010
Mukesh Butani is a member of the Taxand board which comprises nine Taxand country Managing Partners from around the world, and Chairman of BMR Advisors, Taxand India. Specialising in international tax and transfer pricing, Mukesh has more than 25 years of experience in advising Fortune 500 multinationals and Indian business houses on a range of matters spanning cross-border tax structuring, tax controversy and tax policy structuring.
In addition to his advisory role, Mukesh has represented clients in tax disputes, tax advocacy, policy and planning. A former national tax Director and international tax Partner at Arthur Andersen and Ernst & Young, Mukesh serves as Vice Chairman of the Commission on Taxation, International Chamber of Commerce (ICC). Mukesh is a qualified Chartered Accountant and is enrolled as an Advocate with the Bar Council of India.
Mukesh Butani
Taxand India
Presenter Profile
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
E.T.
[email protected]+65 9780 1615
Michael joined Baker Hughes in 2000 and has responsibility for Baker Hughes’ tax affairs in Asia encompassing 20 countries, leading and managing the Asia Pacific Tax Team located in 6 countries, and he is based in Singapore. Prior to coming to Asia 9 years ago, Michael had responsibility for Baker Hughes’ tax affairs in the Middle East and was based in London, United Kingdom. Michael has nearly 20 years of various accounting and tax experience with different companies in various industries. A native of Chicago, Illinois, Michael has lived and worked internationally for over 14 years and has been to over 70 countries on 6 different continents and managed tax issues in over 40 countries. His favorite saying is: “Oil and gas take you to places which are not in the tour guides”. Michael earned a Master of Science in Taxation Degree and a Bachelor of Science in Commerce Degree, with a Major in Accounting, from DePaul University in Chicago and he is a Certified Public Accountant in the State of Illinois and a member of both the American Institute of Certified Public Accountants and Tax Executives Institute (Asia Chapter).
Michael PalumboAsia Pacific Tax Director,
Baker Hughes
Presenter Profile
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
E.T.
[email protected]+65 6232 8338
[ ]
Eugene Gay
GSK
Presenter Profile
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
E.T.
[email protected]+65 6480 2049
Amit Bhalla is the Vice President Tax & Customs APAC for Schneider Electric based in Singapore. In his role, he is responsible for the tax & customs affairs for the region, which includes Greater China, Japan, India, Australia, New Zealand and South East Asia region.
Amit began his tax career in India with the accounting firm Arthur Andersen in 1994 and was in tax consulting for more than 8 years. Thereafter, he moved into industry specialising in the technology sector. He worked for Huawei Technologies, Cisco Systems and more recently Nortel Networks. During his career, he has worked and lived in India, China, UK and Singapore.
Amit is a fellow member of the Institute of Chartered Accountants of India and a graduate from SRCC, University of Delhi.
Amit BhallaVP Tax & Customs APAC
Schneider Electric
Presenter Profile
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
E.T.
[email protected] +65 6238 3018
Kwong Wing Leon is based in Taxand Singapore where he is a Partner and the Head of Tax at KhattarWong. He is also a barrister (Gray’s Inn), an advocate and solicitor (Singapore), and a registered trust and estate practitioner (TEP). Kwong Wing has been with Singapore’s Taxand practice, KhattarWong, for his entire career. Kwong Wing advises on income tax, property tax, goods and services tax and stamp duty in Singapore.
He also defends taxpayers in audit and investigation cases, pursues objections against Revenue assessments and valuations, and acts as counsel in hearings at Review Boards and in the Courts. He is the Revenue law lecturer at the Singapore Bar course, and editor of Halsbury's Laws of Singapore: Revenue and Taxation published by LexisNexis.
Leon Kwong Wing
Taxand Singapore
Presenter Profile
Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore
Key Contacts
Michael PalumboBaker HughesE. [email protected]. +65 9780 1615
Eugene GayGlaxoSmithKlineE. [email protected]. +65 6232 8338
Mukesh ButaniTaxand IndiaE. [email protected]. +91 124 339 5010
Leon Kwong WingTaxand SingaporeE. [email protected]. +65 6238 3018
Amit BhallaSchneider-ElectricE. [email protected]. +65 6480 2049
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Asia Tax ForumMay 9-10, 2012 – Raffles, Singapore