Leave a comment

Budget 2020 – Full of goodies or full of relief measures?



Will the “Election Budget” of 2020 supposedly to be laden-full with goodies be changed to virus relief measures?

Sharon See of BT today has noted the possible change in tone and texture given the emergence of the Wuhan coronavirus and disrupting much economic activities.

Back in April 2003, the govt then announced a Sars relief package to the tune of S$230 million.

Picture – Minister Lawrence Wong and Minister Chan Chun Sing speaking to reporters at the conclusion of a press conference on the Wuhan coronavirus, on Jan 30, 2020.


Leave a comment

SBF’s wishes for Budget 2020 – as per industry survey

ST JAN 14, 2020

Both large and small and medium-sized enterprises (SMEs), rank corporate/income tax rate reduction and rebates to help upskill staff as the top two priorities for Budget 2020 based on an annual National Business Survey conducted by the Singapore Business Federation (SBF).

The survey was released on Tuesday (January 14) and was carried out from August 26 to October 25 among 1,000 companies.

The three top challenges for local businesses for this year were identified as :-

  • manpower costs (67%),
  • business competition (62%) and
  • finding new or better ways to grow revenue (56%).

Other key concerns for 2020 include :-

  • rising business costs such as for rental and raw materials, rising wages,
    the uncertainties created by the US-China trade tensions and;
  • China’s economic slowdown.

Despite the uncertainties, Singapore businesses continue to venture out and expand overseas.

SBF chair Teo Siong Seng said it remains a critical strategy for access to new markets, diversify their supply chains and to support sustainable growth, given the limitations of Singapore’s small domestic market.

Leave a comment

Aware’s wishes for Budget 2020 – to give caregivers of elderly family members a monthly income


ST 13 Jan 2020

  • Association of Women for Action and Research (Aware) said in a Budget wishlist it had sent to government feedback unit Reach on January 10, 2020, that caregivers for older family members be given a monthly income regardless of whether they are working which could be based on a 2018 study.
  • Its other recommendations include:
    • Funding an income scheme, which it referred to as universal basic income (UBI)
    • Giving caregivers grants with a cash and a Central Provident Fund (CPF) component
    • Shorter working hours, and
    • Making healthcare benefits universal for all older persons
  • Aware said that the “policy wishlist” is built based from the combined effort of caregivers, students, parents, academics, retirees, social service workers and business owners

Photo – Timothy David ST

Leave a comment

When is Budget 2020?

The Ministry of Finance (MOF) announced on Jan. 1 that Deputy Prime Minister (DPM) and Finance Minister Heng Swee Keat will deliver the 2020 Budget Statement in Parliament on Tuesday (Feb. 18).

There will be live television and radio coverage for the said Budget Statement

A live webcast will also be available on the Singapore Budget website.

Leave a comment

Understand the risk and governance issues of $33m mess


Here in the early morning to do an “autopsy” review of Allied Technologies ie. understand risk and governance lessons from the $33m debacle.

As usual, I like to sit at the front. To be close to the action 🙂 Here are my notes from the session. Thanks to ISCA and Deloitte for hosting the event.

1. Should SGX “frown” at directors who jumped ship at the first sign of trouble? Directors’ resignation and senior mgt team turnover could be used as an indicator of some underlying troubles within a company.

2. Applying the reasonable person’s judgement between our ears in understanding any issues.

3. Have we held enough of such autopsy sessions on the many corporate governance deficiencies happening in many of corporates here? Should such discussions be indemnified against legal repercussions if the intent of such sessions is for the better of Singapore?

4. Conformance and / or Performance?

If a listco is unable or unwilling to keep up to the standards required, perhaps it should consider delisting and free itself of public accountabilities.

Leave a comment

Edgar Wong on “The WorkDay”

2019-04-16_17-48-20 Workday - interview by Howie LimEdgar Wong of Asiaf1rst, was interviewed by Howie Lim, Senior Producer/Presenter, Money FM 89.3 on 16 April 2019.

Here are some of the talking points:-

  • What are the trends driving disruption in the accounting industry?
  • What is the future of accounting firms?
  • How can accounting firms help their clients embrace disruption?
  • Does every small business need an accountant?
  • Common small business accounting challenges?

Click HERE for a listen.

Leave a comment

Tax Exemption Scheme for New Start-Up Companies

For the first two Years of Assessment (YA), client (a company) has a single corporate shareholder. This would mean that client did not qualify for full tax exemption.

For the 3rd YA, its corporate shareholder sold its shares to two individuals on the very day of the basis period.

Question – Does the client qualify for Full exemption for 3rd YA?

%d bloggers like this: