From the tax perspective, what are some of the challenges that Wealth Managers must consider in 2019? - Vikna Rajah

Vikna Rajah of Rajah & Tann

Feb 7, 2019

Vikna Rajah, Partner, Head of Tax, Trust & Private Client at Rajah & Tann discusses what some of the tax challenges are that Wealth Managers must consider in 2019.

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1. From the tax perspective, what are some of the challenges that Wealth Managers must consider in 2019?

Video transcript

1. From the tax perspective, what are some of the challenges that Wealth Managers must consider in 2019?

They have to be aware that they have very strict obligations under the Income Tax Act to ensure that false and for all misleading information is not given to the Singapore tax authorities. So if they have reason to believe that for CRS purposes, the information which they have been provided may not be correct or may not be complete, for example, if a client comes up to you and he gives you a Malta identification, the issue then is do you know whether he’s truly a resident there? Do you have any information that suggests he could be a resident in multiple jurisdictions? What phone number do you usually reach him on? Is it a Malta phone number? So I think advisors have to be aware that they have obligations not to assist their clients in committing tax avoidance of any sort.

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