The widespread adoption of emerging technologies is a growing reality.
According to a research released in late 2013, worldwide spending on public IT cloud services would reach $47.4b and is expected to exceed $107b by 2017. Cloud services, which delivers business agility and better digital experience for consumers, have also created escalating concerns around cyber-security risks. For example, in the insurance sector, insurers are facing pressure to better understand this type of risk in order to underwrite, price and service cyber liability policies.
These challenges underscore the need for digital governance operating models that clearly define ownership and governance across the business. Successful organizations know that effective governance and compliance is an integrated, enterprise-wide effort. Corporate risk strategy must look at every possible risk exposure and related oversight responsibilities.
Companies are also leveraging M&As to acquire new technologies for growth and innovation. Yet, the challenge lies in getting the valuations right.
Global legislative changes such as the OECD’s base erosion and profit shifting project has also prompted organizations to address internal challenges to achieve evolving tax and statutory reporting obligations. Our new report Managing operational tax risk has more.
In a separate sector report, we look at the key themes affecting the earnings and risk appetite of global institutions in the banking and capital markets.
Lastly, join us at our upcoming events as we discuss employer reporting obligations of employees' remuneration, among others.
Have a business enquiry? Email us today.
With this, I wish you a pleasant read.
Managing Partner, Asean and Singapore
Sections: Thought leadership Regular publications Events calendar
Here are highlights of some of our upcoming events. For the full list of events, please click here.
International Tax Seminar: Cross-border financing
Interest payments between groups are commonly used in international tax planning. To address the deductibility of excessive intra-group interest payments, the Organisation for Economic Cooperation and Development (OECD) has proposed further restrictions on interest deductibility as part of its Action Plan on Base Erosion and Profit Shifting (BEPS).
Join us at this seminar for an update on the BEPS project, how interest has been used in international tax planning, the measures tax authorities in certain Asia-Pacific countries are taking to address interest deductibility, and how these developments will affect your debt structures and financing arrangements.
Find out more and register.
Complexities in a Simple Goods and Services Tax (GST)
25-26 September, 16-17 October, 20-21 November
According to the Inland Revenue Authority of Singapore's Annual report 2012/2013, from a GST compliance perspective, S$109m in taxes and penalities were collected as a result of GST audits and investigations. The majority of GST errors are often due to the lack of knowledge of the GST rules and regulations.
Join us at our GST workshops to learn how to better tackle these issues, and keep abreast of any GST changes.
To know more and register, visit the Practical Complexities in a Simple Goods and Services Tax page.
EY Asean Art Outreach program: Context
29 May to 26 September
Our Asean Art Outreach program presents its 16th show, featuring Singaporean artist, David Chan in his latest exhibition, CONTEXT. Many of the artworks use texts and images to play out the conflict between meaning and representation.
The exhibition runs from 29 May to 26 September 2014 in our office gallery at One Raffles Quay. The paintings are for sale. A portion of the proceeds will benefit three charities in Singapore as part of our corporate social responsibility program.
Public viewing of the exhibition is by appointment only.
Call +65 6535 7777 to make an appointment at least three days in advance.