SIT

Limited

Company Registration Number 200207269D

Singapore Institute of Taxation Limited

20 Aljunied Road #06-02 CPA House

Singapore 389805

Tel 67498060 Fax 67498061

FOR IMMEDIATE RELEASE

10 October 2006

MEDIA RELEASE

Launch of the Singapore Institute of Taxation Limited

The Singapore Institute of Taxation Limited (SIT) was set up with the aim to be the premier professional body for the taxation profession in Singapore. SIT is a joint effort of the Institute of Certified Public Accountants of Singapore (ICPAS), the Law Society of Singapore (Lawsoc) and the Nanyang Technological University (NTU) with active input from the Inland Revenue Authority of Singapore.

The Institute has been incorporated with the objectives, inter alia, to provide a corporate identity and an organisation for taxation professionals, to promote the improvement of the general ability, education, technical knowledge and effectiveness of persons engaged in taxation work and as well as to regulate the professional standards of taxation practitioners.

The benefits and privileges of being an associate or a fellow of the Institute include:

· Associateship/Fellowship status with right to use a taxation professional designation.

· Affiliation with a taxation professional body.

· Access to journals, technical articles, tax practice notes and news from the Institute.

· Opportunity to take part in the technical, continuing professional development and other activities organised by the Institute.

· Priority booking and concessionary rates at seminars and conferences.

SIT invites tax professionals to join the Institute as an Associate or a Fellow. The fees payable for admission are as follows:

Category	Admission Fee (S$)	Annual Subscription (S$)
Associate	200.00	150.00
Fellow	300.00	250.00
Fellow (life membership)	300.00	3,800.00 (one-time subscription)

The application form is downloadable at the ICPAS website (www.icpas.org.sg).

Associates shall be admitted as such if they have submitted satisfactory evidence of having obtained at least three years of approved practical experience. Fellows shall be admitted as such if they have submitted satisfactory evidence of having obtained at least seven years of approved practical experience. This invitation to join the Institute is on the basis of experience in the taxation field without having to satisfy the other qualifications (e.g. examination, education and ethics) that will be required of new associates/fellows in due course.

The invitation letter and application form are attached for your reference.

For further information, please call:

Mr Ramchand Jagtiani

Deputy Director, Technical Division

Institute of Certified Public Accountants of Singapore

Tel: 6749 8060 ext 851

Fax: 6749 8061