2017 Singapore Budget Wishlist!

Finance Minister Heng Swee Keat will deliver the 2017 Singapore Budget next Monday, 20 Feb. Ahead of this, a number of statutory boards and firms from the private sector have submitted their wishlists to the Ministry of Finance. NTUC, for example, has listed 3 main recommendations for the Budget, namely:

  • Help working people transit into available jobs quickly and remain competitive amid the challenging economic environment
  • Provide better protection for freelancers and low-wage workers
  • Help women rejoining the workforce reconnect with the industry more easily

The SME Committee of the Singapore Business Federation also provided 2 key suggestions to the Singapore government:

  • Develop globally competitive companies and attract innovative companies to establish their regional bases in Singapore
  • Introduce broad based support for small- and medium-sized enterprises such as holding back foreign worker levy and providing property rental rebates

The Singapore International Chamber of Commerce (SICC), on the other hand, proposed to tweak the nation’s tax regime to make Singapore more business friendly and to encourage more R&D activities. Wishlists from the Big 4 auditing firms can also be found below.

Ernst & Young: Encourage enterprise innovation, attract new regional players, sharpen enterprise support and sector competitiveness (link here)

KPMG: Extend the Productivity and Innovation Credit (PIC) scheme, help businesses digitise, introduce a tax regime to attract intellectual property (link here)

Deloitte: Offer more support for innovation by providing tax incentives for activities that lead to new products/services and encourage digitisation (link here)

PWC: Ease work visa regulations for certain firms in the technology sector, reintroduce incentives to attract talent, give tax reliefs to help businesses go digital (link here)

 

What is your wishlist for the upcoming Budget? More cash vouchers, relaxation of property cooling measures? Share your views here!