What more can be done to educate clients about the potential impact on them of tax transparency? - Tan Woon Hum

Woon Hum Tan of Shook Lin & Bok

Feb 7, 2019

Tan Woon Hum, Partner, Head of Trust, Asset & Wealth Management Practice at Shook Lin & Bok discusses what more can be done to educate clients about the potential impact on them of tax transparency.

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1. What more can be done to educate clients about the potential impact on them of tax transparency?

Video transcript

1. What more can be done to educate clients about the potential impact on them of tax transparency?

That’s the theme of the year, of recent months and so what we can do, is to explain to clients that what is expected of them from the local regulators and enforcement agencies and the international agencies and organizations like, OACD and how that impacts them, their business and with whom they transact. More importantly, give them the framework, give them protocol, let them understand the rationale behind such policies and protocols and it’ll be helpful to give the clients and the people that they deal with a practical example of what went wrong and what is right and what you should avoid. So for example, if there are case studies of people that unfortunately, have been convicted or license have been revoked, prohibition orders have been issued. In such cases, because of such breaches, either technical or office breaches, then it really punches homes the point and makes it very clear for the clients to understand. So, that is actually very important.

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