IPBA 2021

Carbon Tax and ETS Regime – is it working to save the planet?

Organised by: Tax Law Committee

Is global warming the single most important existential event for mankind as the meteor crashing into earth 66 million years ago was for dinosaurs?  Many at the recent COP26 conference (United Nations Climate Change Conference of the Parties) in Scotland repeated the warning that at the current pace of temperature rising around the world, it will be irreversible unless the emissions are brought to net zero by around 2050.  Against this background, many rich countries are offering various incentives for reducing carbon, including funding and investing in the development of new or alternative technologies (the carrot) as well as taxing the emitters and users of hydrocarbon and other greenhouse gas emissions, or requiring them to pay for such use and emissions, that causes global warming (the stick).  In this session, we will focus on the various forms of the stick used by governments to reduce emissions, including the carbon emissions tax and the emissions trading system (aka the “cap and trade”).


Jay Shim
Senior Foreign Attorney
, Lee & Ko

With 30 years of working experiences in U.S., Europe, Russia and Korea, Jay Shim co-leads the tax practice at Lee & Ko and advises clients on tax advisory, tax audits, tax appeals and tax litigation matters. Jay also works closely with the firm’s corporate practice on international infrastructure projects and early-stage natural resources development projects and has expertise in the areas of overseas investment, energy and natural resources, and offshore fund formation.

For over 15 years, Mr. Shim has been recognized as a “leading individual” in Chambers Asia, “influential figure” in Tax Directors Handbook, “highly acclaimed” tax expert in The Asia Pacific Legal 500, “among 850 lawyers selected” in Who’s Who Legal, “winner” in Client Choice 2015, “External Counsel of the Year 2013” by Asian-Mena Counsel, and “leading tax expert” in the Comprehensive Guide to the World’s Leading Tax Firms.

In addition, Mr. Shim has served on several expert panels established by the National Tax Service and the Ministry of Strategy and Finance on matters dealing with procedures and policies affecting foreign companies doing business in Korea and foreign owned Korean companies, including assisting the Ministry of Strategy and Finance draft tax laws and regulations relating to controlled foreign corporations, advance tax treaty clearance, partnership taxation and transfer pricing.

Mr. Shim is a member of the International Bar Association, the International Fiscal Association and the Inter-Pacific Bar Association. He also serves as Co-Chair, Taxation Committee, American Chamber of Commerce in Korea.


Bill Maclagan
, Blakes

Bill is involved in all aspects of income and commodity taxation, including goods and services tax, transfer pricing, and provincial taxation. He practises in both the taxation planning and tax litigation fields, with an emphasis on corporate taxation, in particular transactional advice, mergers and acquisitions, corporate reorganizations, structuring infrastructure projects, and public-private partnerships.
Bill has extensive experience in providing tax and structuring advice to private and public companies and investment funds in respect of shareholders agreements, partnership and limited partnership agreements, joint venture arrangements, and other complex commercial arrangements.
Bill has also had significant involvement in the mining sector, including acting on mergers and acquisitions, spin-outs, split-up transactions, metal streaming transactions, royalty transactions and financings.
Bill provides legal services through William S. Maclagan Law Corporation.

Charles Hwang
Transactional Tax Lawyer
, Crowell

Charles C. Hwang is a transactional tax lawyer.  He advises on tax issues related to mergers and acquisitions, joint ventures, limited liability companies, partnerships, stock issuances, fund formation, divestitures, and other transactions.  He also advises clients on tax-exempt organizations and state and local issues.

Tracy Xiang
, Y&T Lawyers

Ms. Tracy Xiang, attorney at law and partner at the firm, who graduated from National University of Singapore with a Master Degree of International Business Law, together with a dual major degree of both Law and English Literature in her undergraduate phase. She started legal practice in 2013 and specializes in corporate compliance and governance, tax, labor issues, cross-border transaction and related litigation. She has served as a legal consultant for several multinational enterprises and domestic companies.

Ronald Parks
Myanmar, Partner

Professional Background

  • Will soon start a position with Lee & Ko
  • 2017-2021 SMPP Legal, Myanmar, Partner
  • 2014-2016 Royal Melbourne Institute of Technology (RMIT) University, Director
  • 2012-2014 KPMG, Vietnam, Tax & Corporate Services Director
  • 2010-2012 Grant Thornton, Vietnam, Tax Partner
  • 2007-2009 Deloitte, Kazakhstan, Head of Transfer Pricing
  • 2000-2007 PwC, Vietnam, Korea & the United States, Senior Manager
  • 1998-2000 Arthur Andersen, Los Angeles, Associate

Recent Speeches and Publications

  • Digitization Changes the World – How Does it Change the Tax World?, Panellist, IPBA Virtual Conference, Innovative Resilience in an Altered Legal Landscape, June 16, 2021
  • Legal Trends in the APEC Region: The Development of Fintech Regulations and Related Legal Issues, Panellist, IPBA Conference 2019 – Singapore | Thomson Reuters, April 27, 2019
  • BEPS, Tax and Customs Duty – Efficient Supply Chain Management: Seamless Cooperation in ASEAN and Beyond, Panellist, IPBA Conference 2018 – Manila, March 15, 2018


  • Vice Chairman, IPBA Tax Committee
  • Former Chairman, American Chamber of Commerce Tax Committee (Kazakhstan)
  • Former Vice-chair of the European Chamber of Commerce Tax Committee (Vietnam)
  • Member of the Florida Bar, USA


  • Juris Doctor (Honors), University of Florida College of Law, USA
  • Bachelor’s Degree (Honors), Lafayette College, USA


Jeroen Van Mourik
Partner, Tax Lawyer
, Houthoff

Jeroen specialises in Dutch and international taxation. He advises (European, Asian and US) private equity clients, financial and institutional institutions and investment companies, as well as clients in the real estate, TMT and consumer products industries. He is a member of the Climate Risk & Sustainability group of Houthoff.

Jeroen has more than 20 years of experience advising multinational clients on the Dutch corporate and international tax aspects of Dutch and cross-border investments, reorganisations and mergers and acquisitions. He has extensive experience in advising clients upon all tax aspects (including tax rulings) of the set-up/acquisition, maintenance and exit of investment structures into and through the Netherlands including tax treaty application.