INTHEBLACK November 2021 - Magazine - Page 66
PUBLIC PRACTICE
// M Y C PA P R A C T I C E
STORY CHRISTOPHER NIESCHE
HAVING TAKEN OVER THE FAMILY
BUSINESS AFTER HIS FATHER
RETIRED, SHAUN LEE FCPA PUTS HIS
FATHER’S LESSONS TO GOOD USE.
FROM
FATHER
TO SON
I
t was only natural that Shaun Lee FCPA
would step into his father’s accountancy
practice and take over once he retired.
“For us Malaysian-Chinese, we believe
that the continuity in a family business is
important,” says Lee, managing director of
Lee & Lim Tax Consultants based in Melaka,
a city on Malaysia’s west coast, about two
hours south of Kuala Lumpur.
The firm was started by Lee’s father in 1980,
and Lee joined in 2005, after spending three
years working in Kuala Lumpur. He took over
the firm in 2017, and says that working for his
father had both positives and negatives.
“The good part is that my father selflessly
taught me everything under the sun. Anything
that he knew, and whatever hurdles he has
overcome, he shared all the experience with
me,” Lee says.
“But there is also pressure from a father
to a son, and he would expect you to excel
in all aspects.”
The firm focuses on supporting individuals
and small and medium-sized businesses,
which in Melaka centre around tourism, small
manufacturing and services.
Lee’s role is overseeing the performance of
the firm’s accountants and liaising with the
Malaysian tax authorities.
“As a licensed tax agent, I say that we are
like a bridge between the taxpayer and the
government,” he says.
While Lee & Lim Tax Consultants is kept
busy with the government’s audits and client
investigations, Lee says the firm always tries to
66 ITB November 2021
Above: Melaka is a regional tourism
centre on Malaysia’s west coast.
Right: Shaun Lee FCPA
go beyond compliance work and to anticipate
any potential issues that might arise.
“If the government were to come after my
clients and wanted to penalise them, then if
we are able to help them to defend themselves
and show the government proof and win the
case, that is very satisfying,” he says.
“When you do business, there are so many
external factors to deal with. So, when we
make an argument to the tax authorities,
I think it’s important to understand our clients’
businesses as well as to understand the
Income Tax Act.”
For Lee, the biggest challenge in running
the practice is finding enough qualified staff.
“Melaka is a very small, historic town, so
many young people, when they graduate,
tend to work in bigger cities, like Kuala
Lumpur,” says Lee, a former Malaysian
Divisional Councillor at CPA Australia.
The next challenge is holding on to staff,
because they are often headhunted for roles
in commerce, which pay a lot better.
“I’m not competing for staff with other
accounting firms, but sometimes with
commercials. The commercials want our staff
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“When we are practising, the most
important thing is not to be overly
focused on the technical part, but to
focus on the soft skills as well. Many
accountants forget that sometimes,
when we want to solve a problem,
we have to put on the shoes of a
businessman – we have to sometimes
think of how they think.”
as well, because they are very savvy on all
these tax and accounting technicalities.”
Lee & Lim Tax Consultants’ older clients can
be challenged by change, such as the recent
introduction of a transfer pricing regime
in Malaysia, and the need to use different
methods than those they’ve been using for
the past 30 or 40 years.
Younger clients present a different
challenge. Many of them are moving
their businesses online and adopting new
payment methods, and Lee has to keep up
with them and ensure they still gather all the
required documentation, regardless of how
they are paid.
The outbreak of the COVID-19 pandemic
has put the brakes on Lee’s plans for the firm,
but, once the crisis has passed, he would like
to expand the business to other geographic
locations, particularly some of Malaysia’s
larger cities.