LAW2465: You have recently graduated as an accountant and your first position is with an integrated accounting and financial services: Singapore Taxation Law Assignment, RMIT

You have recently graduated as an accountant and your first position is with an integrated accounting and financial services organization in Singapore called Kapunda Teo and Associates Pte Ltd (KT). It is an unlimited company.

Josiah Sau Lo and Adriel Forrock are the directors of a financial services company in Singapore. The name of the company is Foreign Transaction Exchange (Singapore) Ltd (FTX). It is listed on the on the SGX. The other three directors are: Gary Wang, Samuel Freeman, and Charlotte Allison who are all domiciled in the Bahamas.

Josiah, Adriel, and their respective families as well as the company are clients of KT.

The company’s financial activities span direct equities, managed funds, derivatives as well and cryptocurrencies. They have offices and companies in Australia, Southeast Asia, the Americas, Europe, and the Middle East.

The head office for taxation purposes is based in Delaware in the United States of America. The actual trading activities are controlled out of the Bahamas. The key directors are Gary Wang, Samuel Freeman, and Charlotte Allison who are all domiciled in the Bahamas.

Because of the nature of the activity and the complexity involved, staff are sent to different offices around the world and various meetings of the company are held in different locations.

Given the uncertainty in the global economy and the threat of global recession, the companies in the group have had to undertake various steps to increase revenue as well as reduce costs.

Josiah and Adriel of FTX have requested a meeting with the managing director of KT to discuss various taxation issues.

The managing director is away in Western Sumatra on business for another client of KT and cannot attend the meeting. He will not be back until Monday 21 August 2023. Therefore, he has requested the senior manager (Serena) to organize the meeting with the clients. She has asked you:

To sit in on the meeting and
Take notes on the issues raised and then to
Prepare a written report on the matters for review by Serena. The meeting is
scheduled for Thursday 17 August 2023 at 9 am.

You will be expected to take notes of the meeting and then prepare a draft statement of advice for Serena to review. You are to use the attached template form to prepare your draft statement of advice. Once she is happy with the report, she will send it to the Managing Director for review.

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