inlinesix Supersonic January 21, 2020 Share January 21, 2020 (edited) https://www.straitstimes.com/business/economy/businesses-budget-wishlist-more-support-for-innovation-hiring-of-older-workers Quote Businesses' Budget 2020 wishlist: More support for innovation, hiring of older workers Quote SINGAPORE - Anticipating a tough year ahead for the Singapore economy, businesses hope the Budget will contain support for firms to innovate and develop capabilities in research and development, while also enabling them to hire more older workers. A statement by The Singapore Business Federation (SBF) on Tuesday (Jan 21) said: "Manpower costs and the need for new or better ways to generate revenue have become the top challenges for businesses. While they recognise the importance of transformation to mitigate these issues, the cost of technology adoption is the biggest roadblock. "And with a credit crunch experienced by one-third of the businesses, solving near-term issues like financing has emerged as a priority." The SBF SME Committee submitted its recommendations to the Government on Dec 28 last year. Representing over 26,000 companies, SBF issues a list of recommendations for the Budget every year, some of which have been accepted. It also noted issues have emerged amid a slowing economic environment as business sentiments remain weak, with nearly 50 per cent of respondents to a recent SBF survey expecting the Singapore economy to worsen this year. To support companies in innovation, SBF recommended more funding help for companies in the areas of creation, regulation and the administration of their intellectual property filing in global markets. The government can also put more resources into collaborative research and development (R&D) between institutes of higher learning, research organisations and local small and medium-sized companies (SMEs). SBF also proposed financial incentives like a research expenditure rebate for SMEs. "An option for a cash or cash-back system for companies that are not paying tax can be introduced to drive R&D activities amongst SMEs which are not yet profitable. This is currently practised by the Australian government, where companies with a turnover of less than A$20 million receive a refundable tax offset for eligible R&D expenditure," SBF said. Besides technology, SBF also recommended that the government increase support for companies in hiring older workers, especially since the retirement and re-employment ages will be raised gradually over the decade. SBF proposed that the Special Employment Credit, which provides subsidies of up to 11 per cent of older employees' monthly wages, be extended beyond Dec 2020. A Temporary Employment Credit, which helps to cushion employers' costs in increased contributions to the central provident fund (CPF), can also be reintroduced every time the CPF contribution rates for older workers go up over the next decade.Other business-focused proposals by SBF include setting up a one-stop digital trade platform to help companies buy and sell products online, as well as a cyber security programme to help SMEs identify gaps and adopt solutions. SBF chief executive Ho Meng Kit said: "Our businesses are increasingly aware of the importance of innovation and transformation... We hope the government can build on that momentum with robust measures that encourage, support and strengthen the digitalisation and R&D efforts of our companies. This will position them well for the future economy. "At the same time, we should not ignore bread and butter issues like facilitating adequate cash flow for our SMEs, especially during this prolonged period of economic uncertainty." Mr Kurt Wee, chairman of the SBF SME Committee, said: "The global slowdown in growth is likely to persist for the foreseeable future. Companies should seize this window of opportunity to upgrade their human capital, strengthen their digital capabilities and expand overseas for diversification of markets. "Whilst more tangible support for SMEs is necessary this year, we would also like to encourage SMEs themselves to be more proactive in seeking out and leveraging available resources, be it provided by the Government, SBF or other trade associations and chambers." Edited January 21, 2020 by inlinesix ↡ Advertisement Link to post Share on other sites More sharing options...
Kyrios Turbocharged February 18, 2020 Share February 18, 2020 Here to chope front row seats... Link to post Share on other sites More sharing options...
Adrianli Hypersonic February 18, 2020 Share February 18, 2020 Subscribed. Link to post Share on other sites More sharing options...
Throttle2 Supersonic February 18, 2020 Share February 18, 2020 (edited) Every year budget is the same for me. a bloody non event, except for having to pay more in taxes overall Edited February 18, 2020 by Throttle2 1 Link to post Share on other sites More sharing options...
Wildfaye29 Turbocharged February 18, 2020 Share February 18, 2020 Fall in Link to post Share on other sites More sharing options...
Watwheels Supersonic February 18, 2020 Share February 18, 2020 Some highlights on the budget. https://www.todayonline.com/singapore/mof-team-clocked-extra-hours-so-budget-2020-could-include-covid-19-support-measures-not Quote On Sunday, Mr Heng had said that he will unveil several measures to support companies and help employees stay in their jobs amid the virus outbreak in his Budget statement. The package of support measures is expected to be larger than the S$230 million relief package at the time of the severe acute respiratory syndrome (Sars) outbreak in 2003. Mr Heng said the measures would include wage support, tax rebates and rental waivers for companies, as well as a package to help households to manage the cost of living. More support will also be given to sectors that have been the hardest hit, including food and beverage, and retail, he added. Link to post Share on other sites More sharing options...
Hydrocarbon Turbocharged February 18, 2020 Share February 18, 2020 I was here... Link to post Share on other sites More sharing options...
Voodooman Supersonic February 18, 2020 Share February 18, 2020 1 hour ago, Throttle2 said: Every year budget is the same for me. a bloody non event, except for having to pay more in taxes overall I thought you are jobless? SG has no capital gain tax, think you have more money than most of us here but pay the least tax (okok.... maybe 7% gst for your monthly rolex and cigars). 1 1 Link to post Share on other sites More sharing options...
RH1667 Hypersonic February 18, 2020 Share February 18, 2020 What time show start ? Link to post Share on other sites More sharing options...
Hydrocarbon Turbocharged February 18, 2020 Share February 18, 2020 10 minutes ago, RH1667 said: What time show start ? 3pm. https://www.singaporebudget.gov.sg/budget_2020 1 Link to post Share on other sites More sharing options...
Throttle2 Supersonic February 18, 2020 Share February 18, 2020 1 hour ago, Voodooman said: I thought you are jobless? SG has no capital gain tax, think you have more money than most of us here but pay the least tax (okok.... maybe 7% gst for your monthly rolex and cigars). Road tax, property tax tobacco tax etc etc tax all tax. you can be sure i pay a lot of taxes. 1 1 Link to post Share on other sites More sharing options...
Theoldjaffa Hypersonic February 18, 2020 Share February 18, 2020 Subscribed 1 Link to post Share on other sites More sharing options...
Adrianli Hypersonic February 18, 2020 Share February 18, 2020 Where is @RadX ???? Link to post Share on other sites More sharing options...
Lala81 Hypersonic February 18, 2020 Share February 18, 2020 Watching now. Corporate tax rebate. Worker salary stabilisation package for 3 months. 8% of salary up to 3.6k. 4 Link to post Share on other sites More sharing options...
Lala81 Hypersonic February 18, 2020 Share February 18, 2020 Property tax rebates for Hotels, MICE, cruise center. Bridging loans for tourism sector for one year. 3 Link to post Share on other sites More sharing options...
RadX Moderator February 18, 2020 Author Share February 18, 2020 hahah today busy.... Link to post Share on other sites More sharing options...
Picnic06-Biante15 Supersonic February 18, 2020 Share February 18, 2020 3 minutes ago, Adrianli said: Where is @RadX ???? the 14 days thingy ... 1 Link to post Share on other sites More sharing options...
Lala81 Hypersonic February 18, 2020 Share February 18, 2020 Nea managed hawker center 1 month rebate rental. Hdb commercial units 1/2 month rebate. ↡ Advertisement 5 Link to post Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In NowRelated Discussions
Related Discussions
Vicom Annual Car Inspection
Vicom Annual Car Inspection
Annual LTA inspection for commercial vehicles
Annual LTA inspection for commercial vehicles
Mitsubishi Space Star
Mitsubishi Space Star
India landed on the Moon for less than it cost to make Interstellar
India landed on the Moon for less than it cost to make Interstellar
BudgetMealGoWhere Portal
BudgetMealGoWhere Portal
Sim Ann shares details of her budget meal after netizens slammed her in a previous Facebook post
Sim Ann shares details of her budget meal after netizens slammed her in a previous Facebook post
SGD 300,000 budget for a used car... 740i or Panamera or ?
SGD 300,000 budget for a used car... 740i or Panamera or ?