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Data protection’s Cup of tea

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My Dimbulah coffee conversation today highlighted the importance of data protection policy and related action plan for your company.

Let me cite two examples discussed.

1. You would fill in your name, identification number and mobile number in exchange for a pass, at the security counter of a building you are visiting. Security guard decided to go for a toilet break leaving the attendance register there. Someone then takes a picture of one page of the register and send to Data Protection Agency. The management of building got penalised.

2. You applied for a credit card with the bank. For some reasons your application failed. Have you ever tried to ask for the info back? Or can you demand the bank to confirm your info has been destroyed?

Pls, try to spend some time to read the stuff the Singapore govt had sent to every biz. I too have ignored the letter. Now, where shall I go to find the material?

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Singapore – How is our domestic demand?

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The numbers are scaringly bad for January’s mass market

-8.4% drop for total sales
-8.1% drop for retail sales
-17.7% drop for clothing and footwear sales
-20.9% drop for motor vehicles sales
-20.3% drop for computer and telecom equipment sales
-13.2% for F&B sales

The article confuses me with annual change vs month on month change data.

Essentially – bad bad sentiment!!!

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PTW Asia @ Semicon China

Best wishes to Torsten and team at the coming Semicon China

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It is not about Now or Later

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Is this a valid question and concern?

I begin to ponder as to whether the current govt in 2018 could impose a decision to the future govt?

Based on the votes for the Budget yesterday, is it a MUST that the future govt MUST increase GST by 2% (not 2.01% or anything else) between 2021 and 2025 regardless of rain or shine?????

If the future govt could pass new resolutions to override the decision today, then why include it in the decision package in the first place?

Why is GST hike of 2% included in the decision package? Since we got time, why dont we work it thru a series of national dialogues from today to convince the people.

After this due process and by the time the GST hike is really needed in future, then it would be and should be done without much fuss.

For me, I am for announcing, sharing and discussing your plan as early as possible.

Any views?

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DBS Survey on GST hike

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I would love to see the survey questions.

If I was a GST registered restaurant, my only concern would be whether my customers ie. the final end users, who would have to carry the final tax burden, would reduce their consumption and thus demand for my services.

Would my restaurant have to close shop or not?

I was in KL and Ipoh last month. I was trying to get a feel for the economy after the 6% Msia GST implementation. Not good indeed.

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Sg Budget 2018 – Intellectual Property (IP) Licensing Expenditure

Existing law – The expiry of the Productivity & Innovation Credit (PIC) scheme after YA 2018 (ie. the calendar year 2017) will mean that only 100% tax deduction will be allowable to a company who has incurred qualifying intellectual property (IP) licensing expenditure from YA 2019.

Interpretation

For every qualifying $1 spent in the financial year ended 2017 would either qualify for a cash payout or further deduction of $3 under the PIC scheme. Total $4 deduction against profit/loss.

For every qualifying $1 spent in the financial year ended 2018 (YA2019), the same $1 qualifies for deduction against profit/loss.

 

New under Budget 2018 – “To support businesses to buy and use new solutions, the Minister for Finance announced in Budget 2018 that the tax deduction will be enhanced from 100% to 200% on up to $100,000 of qualifying IP licensing expenditure incurred by a company for each YA from YA 2019 to 2025. 100% tax deduction will continue to be allowed on qualifying IP licensing expenditure incurred in excess of $100,000 for each YA.”

Interpretation

For every qualifying $1 spent in the financial year ended 2018 till 2024 (YA2019 to YA2025), you would qualify for a further deduction of $1 under the PIC scheme. Total $2 deduction against profit/loss.

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RECORD S$9.6 billion overall budget SURPLUS FYE March 2018

For the current financial year ending March 31, Sg is expecting a RECORD S$9.6 billion overall budget SURPLUS.

It is said to be due to “exceptional statutory board contributions” and higher-than-expected collections from stamp duties.

The surplus is more than 500% the initial estimate of around S$1.9 billion and a quarter higher than the previous record of about S$7.7 billion in FY2007.

Ladies and gentlemen, we need to understand the causes of the significant variance between budget and actual.

The accuracy of your budgeting and projection affects people on the street. Imagine you raise the GST by 2% on expectation of budget deficits in the coming years but it turns out otherwise. Ooopss the 2% increase in GST would have been institutionalised and therefore not easily reversible.

We all need to appreciate the gravity of the situation.

We hope to live “happily” ever after with GST of 9%.

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