For the sixth year in a row, Singapore Management University (SMU) Accountancy students have emerged as champions at the NTU National Tax Competition 2017 held on 14 January 2017.
Team Genesis, comprising Chen Jinhao, Alvin Ng Gao Ren, and Daniel Ho Kah Hoong, all final year Accountancy students, took part in the competition, which saw participation of about 50 teams from various institutes of higher learning.
Organised by the Nanyang Business School Tax Advisory Club, the annual competition aims to create an awareness of tax among tertiary students and serve as a platform to share their tax knowledge. In addition to academic taxation, it consists of a case study component that allows individuals to understand how taxation can be applied in real life situations, expanding their horizon in this area of knowledge.
In order to prepare for the competition, Team Genesis went through and examined various tax cases in their advanced taxation classes. They also drew on their experiences gained from previous competitions where they had analysed and discussed tax issues. Said Alvin Ng, “We clinched top spot because the team was able to find and explain content within a short period of time. We also managed to present tax issues clearly and concisely and answered questions directly and succinctly. We would like to thank our professor, Professor Sum Yee Loong, for promoting an environment where we can comfortably discuss our views whether they are right or wrong in class discussions”.
Commenting on the School of Accountancy’s consistent performance for the past six years, Prof Sum said, "We are very fortunate to have quite a number of students who are interested in Taxation and as a result of their interest, they tend to enrol in the Advanced Tax module. This module not only addresses advance tax topics, but also enables them to apply their knowledge in real life case studies. Thus, this has really helped our participants stand out as tax competitions always involve more advanced topics as well as the application of tax principles."
Lastly, Team Genesis added that they had gone beyond their comfort zone when they presented at the competition and their key takeaway was that they had learnt to look at tax issues from different perspectives. When asked about their future plans, they said they hope to further their knowledge in the tax industry and contribute to their respective “big four” firms when they start work in the second half of the year.
