We are a group of Year 2 students from the accountancy course who recently participated in the National Tax Competition organized by NTU as of 22 March 2014. It was a challenging, nerve-wrecking and exciting competition as we competed with 51 teams from various other polytechnics and local universities. Throughout the competition, we have learnt various new things and it is certainly an eye-opener for the entire team.
The competition consisted of two rounds and in the first round, we are given 15 MCQs and are tasked to complete each of them within an allocated time. However, in the beginning, the time limit for some questions is barely enough as the questions were long in content and require detailed calculations. This caused us to struggle as the time limit slowly approaches and this ended up a series of guess and check for some questions. As we solved each question, we slowly become used to the long context and were able to solve the rest of question within the time limit.
Thereafter the MCQs, we were given a long tax computation question and were required to complete it in 20 minutes. We were able to quickly analyze the question and solved it with ease as we were used to doing these types of questions.
After the first round has ended, the results were announced and we made it through to the second round with one team from Ngee Ann Polytechnic and 2 teams from SMU. We were surprised when our name was called as at that point of time we have braced ourselves for the worst since there were many teams competing in the competition this year.
In the second round, we were given an hour to prepare for a tax case question and had to make a presentation of 15 minutes with 5 minutes of Q&A. However, due to some unforeseen circumstances, our group started late and by the time we finished the slides, we barely had time to do prepare ourselves for the presentation. As the tax case question consists of 2 parts, we decide to split the team in half and tackle the parts separately. It was not easy to prepare the slides within one hour, as we have to do research, condense it into our own words and make it short and simple for the audience and judges to understand. During the presentation of our research and analysis, we realized that we had not done enough research as we did not have a lot to talk about and thus the presentation was over within 10 minutes. Although we did not make it to the top spot, it was an achievement for us all and we were able to at least make Singapore Polytechnic proud. To sum it up, we would like to thank our tax lecturer and tutor, Mr Kong Yuen Ho for his guidance, advices and encouragement that enable us to make it through the competition.
Zhou Lianjie (1201042)
Alex Tan Yi Wei (1202241)
Sim Soo Wan (1260650)
Irene Peh Ai Ling (NP)