Friday 3 July, 2020

Sygnus Tax Advisory hosts executive tax planning forum

Sygnus Capital CEO Berisford Grey (left) and Dionnie A. Headley, Managing Director, Sygnus Tax at the inaugural Sygnus Tax Advisory Executive Tax Planning Forum.

Sygnus Capital CEO Berisford Grey (left) and Dionnie A. Headley, Managing Director, Sygnus Tax at the inaugural Sygnus Tax Advisory Executive Tax Planning Forum.

Sygnus Tax Advisory, a subsidiary of the Sygnus Group recently hosted their inaugural Executive Tax Planning Forum to advise key stakeholders and businesses on the role and benefits of efficient tax planning in overall organisational planning.

The distinguished panel featured Fayval Williams, Minister without Portfolio, Ministry of Finance and the Public Service, executives from Sygnus Capital and Sygnus Tax Advisory as well as, other industry professionals, that highlighted the need to establish an efficient corporate or individual tax structure, one that emphasizes the use of legitimate tax strategies to optimize your individual or corporate tax structure.

“As part of the Sygnus brand we want to have more events like this, where we can meet and engage with our clients face-to-face. This opens the lines of communication to have real discussions around the importance of taxation and how we can assist them by providing solutions to improve their bottom line, because at the end of the day paying taxes is a high cost in most businesses and if we can help businesses to minimize that cost then we would have added immense value for them,” stated Dionnie Headley, Managing Director, Sygnus Tax Advisory. 

The panelists discussed various topics geared towards educating participants on strategic and efficient tax planning and the associated benefits, namely: Tax savings to improve your bottom line, Over-paying taxes, Tax planning for your portfolio, How your business can benefit from treaties and trade agreements, Is your valuation correct, Are you over-paying customs duties and Tax-efficient structure. 

Panelists also emphasised the importance of planning in advance in order to ensure that taxpayers pay the least amount of taxes under the law. A two-pronged approach is taken to ensure one pays only what is legally required and to ensure all potential risk areas, where one may have underpaid, are addressed. Participants were also reminded that tax planning does not only concern income tax, but all tax types for example customs tax and corporate tax. 

Fayval Williams, Minister without Portfolio, Ministry of Finance and the Public Service

On the heels of their recent triple oversubscribed IPO, Minister Williams commended the Sygnus Group for their major role in deepening and widening Jamaica’s financial markets which will in turn provide the growth that we all strive for. 

”As you know, the world has been rapidly changing since the Global Financial Crisis in 2008/09. In the area of taxation, there have been profound changes that have propelled greater cooperation between tax authorities to ensure that there is greater equity. Jamaica, like many countries around the globe, has been engaged in various initiatives to improve compliance and promote robust institutions through people, processes, technology and infrastructure. In transforming the global tax systems, the exchange of tax information between governments is expanding,” she said.

“Compliance requirements are growing. Companies like Sygnus Tax Advisory services need to know and anticipate these complex changes and requirements in order to serve its clients well and not create additional risks,” Williams went on to note.

Berisford Grey, Sygnus Capital Limited’s CEO stated, “We are the only financial firm in the Caribbean that has a full blown tax advisory covering corporate taxes, transfer pricing, customs taxes and various other tax planning.”

“This event allows us to deepen our relationship with our clients and continue to build and develop great partnerships especially in terms of having discourse and providing advice on tax planning and strategy. We are focused on helping to empower and enable our clients to achieve their overall financial and tax objectives,” Grey added.

Sygnus Tax Advisory offers their clients a number of services aimed at increasing awareness and understanding of tax planning and proper tax compliance: tax consultants-on-call service, tax advisory services, tax compliance services, tax compliance reviews, and customs consultancy. 

Sygnus will be hosting a series of Executive Tax Planning forums, with the aim of broadening the general understanding of tax planning and empowering taxpayers to ensure their portfolios are secure and stable. 

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