SMEs could benefit with more support

The Business Times
View From The Top
Published: 4 Apr 2016

What other measures, if any, should Singapore’s 2016 Budget also have included?

I’M glad to see that many measures to help companies sharpen their capabilities amid the continued restructuring have been included in the Budget, such as the new ITP, increase in the Corporate Income Tax Rebate to 50 per cent, and Special Employment Credit.

It is a good move to defer the levy increases for foreign workers in the marine and process sectors but this deferral should perhaps have been extended to all sectors in light of the economic headwinds we are facing.

For example, levy increases for the services and construction sectors will proceed despite the continued challenges they face due to the shortage of manpower, rising business costs and declining consumer spending.

Ronald Lee
Managing Director
PrimeStaff Management Services Pte Ltd