I started studying accounting in high school because I love numbers and figures. I pursued a BSc (hons) accounting and finance and the ACCA Qualification after my pre-university qualification.
My work as a transfer pricing (international tax) consultant helps multinational companies ensure that they comply with transfer pricing rules and regulations in the jurisdictions in which they operate. This is related to the developments of base erosion and profit shifting (BEPS) – a hot topic of late.
Sometimes, I find my work challenging as there is no easy answer for a particular situation
Multinational companies with crossborder-controlled transactions should ensure they comply with transfer pricing rules to avoid hefty penalties. The OECD's Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations is a good reference to understand and comply with principles. However, rules and regulations vary slightly between countries.
I like transfer pricing as it involves quantitative and qualitative analysis; it is often considered an art, not a science. I need to understand the supply chains of enterprises and more; it really broadens my horizons and exposure. Sometimes, I find my work challenging as there is no easy answer for a particular situation.
You really have to be passionate and love what you do, given the long working hours
The OECD’s Inclusive Framework on BEPS has been continuously evolving to address key terms for an agreement on a two-pillar approach to help address tax avoidance, ensure coherence of international tax rules and, ultimately, a more transparent tax environment. Assisting multinational corporations to stay compliant is an interesting opportunity for tax consulting firms.
As the rules and regulations on international taxation and transfer pricing evolve, it will be a challenge to stay updated. As an ACCA member, I am required to complete CPD every year, which reminds me that, as a chartered accountant, I have to continuously learn and stay updated on new rules and regulations.
My advice to my peers in the accounting profession is that you really have to be passionate and love what you do, given the long working hours in this industry. Without passion, it will be difficult to stay in the industry. My favourite quote is: love what you do and do what you love!
My hobbies include running, travelling and watching movies. Having hobbies is extremely important for us as it brings us joy and enriches our lives.