Singapore’s Budget Day on Feb 21

[DC33_2008]

What do you wish to have for Budget 2014? :p

[star]

They may announce reduction of ABSD.

[玉格格]

What do you wish to have for Budget 2014? :p

bring forward GE2016 to GE2014! :D :ashamed1: :cheers1:

[onglai]

They may announce reduction of ABSD.

er... budget 2014, not 2017..

:D

[princess_morbucks]

Expect tweaks to healthcare policies.

According to Maybank Kim Eng, Singapore is expected to unveil its Budget 2014 on 21 February. Maybank believes the focus will be on these three things.

Here's more:

More targeted assistance for the poor by strengthening the social safety nets.

Tweaks to healthcare policies. New measures may be introduced to address rising healthcare costs in Singapore. In his National Day Rally Speech in Aug 2013, Prime Minister Lee Hsien Loong outlined several policy changes to the healthcare sector so that private healthcare is more accessible to Singaporeans. Favourable policy tweaks on this front may be positive for the healthcare sector.

Raising economic productivity especially in the SME sector via policy changes. These include larger financial incentives and/or subsidies to encourage the use of technology in labour-intensive sectors such as construction, retail, transportation, hotels and restaurants, and manufacturing.
Broadly speaking, we do not expect Budget 2014 to have any major implications for the stock market as it has never been a platform to make transformative changes to the economy.
- See more at: http://sbr.com.sg/economy/news/3-biggest-things-watch-out-in-singapore-budget-2014?utm_source=twitterfeed&utm_medium=twitter#sthash.CaD9EFCb.dpuf

[yowetan]

Market crash and Mt Sinai landed will again be affordable.

[onglai]

Market crash and Mt Sinai landed will again be affordable.

too bad all ur 3 houses are in the market too....

:D

[Cupcakes]

more carrots for me

[solsys]

Get ready for goodies and market rally.

[minority]

over night so many rabbits? all want carrots.:ashamed1:

[princess_morbucks]

'Inclusive growth' will be key theme.

According to KPMG, Singapore Budget 2014 will likely incorporate many ideas from 2013’s ‘Our Singapore Conversation’, but inclusive growth must contain measures to grow the economy and groom our businesses.

As one of the pillars for future growth, opportunities for innovation remain largely untapped, even as Singapore businesses have begun to embrace increasing productivity.

Mr Tay Hong Beng, Head of Tax, KPMG in Singapore, says: “Beyond productivity, innovation is vital for Singapore’s sustained growth.

With more Singapore businesses seeking growth overseas, capitalising on regional and international opportunities will require a combination of strong local brands, and increasing leadership in innovation.”

KPMG’s 2014 wishlist focuses on how the Government can help Singapore businesses pursue sustainable growth. In all, the four key themes KPMG hopes to see in Budget 2014 this year are: 1) pursuing a pan-Asian strategy; 2) enhancing productivity through innovation; 3) simplifying incentives and regulations; and 4) inclusive growth.

Tay adds: “With the implementation of the ASEAN Economic Community on the horizon, efforts to position Singapore as an attractive destination for investment must also continue. Renewed measures to build sound business infrastructure remains critical to positioning Singapore as a competitive location for international business.”

Here's more from KPMG:

I: Pursuing a pan-Asian strategy

Mr Tay says: “To enhance its relevance to global businesses, Singapore needs to reposition itself and pursue a pan-Asian strategy. It urgently needs to review its tax treaty network, benchmark its tax incentives and grants to ensure continued relevance.

Identifying and customising support schemes to entrench and grow specialised industry clusters are important. We hope to see decisive measures introduced in this Budget that help differentiate Singapore from its competitors while presenting unique propositions to global businesses.”

II: Enhancing productivity through innovation

The current drive for productivity improvements has been mostly through process and cost efficiency improvements. For sustainable, long term business performance, business investmentsshould focus on adding new value to companies.

“While process and cost review investments improve the efficiency of inputs, investments in value creation measures help drive demand for a firm’s products and services and in turn improve long-term and international competitiveness,” says Mr Tay.

III. Simplifying incentives and regulations

Boosting Singapore’s international competitiveness continues to remain highly relevant to ensure that Singapore is “top of mind” among investors. With regulatory regimes and business transactions becoming more complex, global and regional businesses appreciate business locations that have less complex business regulations and minimise tax uncertainty.

IV: Inclusive growth

Inclusive growth - to encourage rootedness in individuals, reduce the income gap and recognise new social trends – cannot be neglected.

Mr Tay adds: “In this time and age, it is crucial that we encourage the ‘rootedness’ of Singaporeans. Our suggestions this year include measures both to support the family unit and to encourage individuals to work and excel. We have also included proposals that could form part of the Pioneer Generation Package announced by the Prime Minister at the National Day Rally Speech 2013.”



- See more at: http://sbr.com.sg/economy/news/here-are-analysts-4-wishes-singapores-2014-budget?utm_source=twitterfeed&utm_medium=twitter#sthash.nKp2X9rk.dpuf

[princess_morbucks]

http://sbr.com.sg/economy/news/2-biggest-themes-watch-in-singapore-budget-2014?utm_source=twitterfeed&utm_medium=twitter

Government urged to keep it 'simple'.
According to a release, ahead of the Singapore Budget Announcement, the Singapore Institute of Accredited Tax Professionals (SIATP) advocates that the Budget 2014 should be a “Keep it Simple, Singapore” (KISS) Budget in order for Singapore to gallop ahead in its productivity drive.
Based on feedback gathered from its members, comprising tax professionals from various industries ranging from accounting firms, law firms, educational institutes and commercial sector, on what Singapore Budget 2014 should entail, SIATP has consolidated these comments and key themes have been highlighted in the following paragraphs.
Generally the inputs from tax professionals can be summed up into two themes – feedback on initiatives that would reinforce Singapore’s competitiveness and secondly, a call for Budget 2014 to be an understanding one for its people. Underlying both themes is a common thread that productivity and competitiveness can be given a boost by simply keeping things simple.
Reinforcing Singapore’s Competitiveness
Whilst Singapore has introduced tax benefits and incentives for the earlier phase of IP creation during the research & development (R&D) stage, there is currently no specified back-end tax benefit or incentive in connection with the commercialisation of IP from Singapore.
This is in contrast to other countries which have both front-end incentives such as R&D incentives, and back-end incentives such as patent/innovation box regimes, for commercialisation of IP, which is an important key component in the IP lifecycle.
To ensure that Singapore remains competitive in the IP tax landscape especially in Asia, Singapore should consider building upon the incentives framework in the creation stage and introducing appropriate tax incentives with preferential tax treatment (through either reduced tax rates or exemption of qualifying IP income) for the commercialisation of qualifying IP that could also include unpatented intangibles arising from approved R&D activities.
Aligning Taxes and Understanding People
To reflect a Budget that understands and building on the firm foundations of current schemes, it is also proposed that the current cap of $5,500 course fee relief be increased to $8,000 for individuals who attend courses relevant to their employment or trade. With the rising costs and the nation’s drive towards higher productivity, it is thus proposed that the cap be increased.

[Cupcakes]

http://sbr.com.sg/economy/news/2-biggest-themes-watch-in-singapore-budget-2014?utm_source=twitterfeed&utm_medium=twitter

Government urged to keep it 'simple'.
According to a release, ahead of the Singapore Budget Announcement, the Singapore Institute of Accredited Tax Professionals (SIATP) advocates that the Budget 2014 should be a “Keep it Simple, Singapore” (KISS) Budget in order for Singapore to gallop ahead in its productivity drive.
Based on feedback gathered from its members, comprising tax professionals from various industries ranging from accounting firms, law firms, educational institutes and commercial sector, on what Singapore Budget 2014 should entail, SIATP has consolidated these comments and key themes have been highlighted in the following paragraphs.
Generally the inputs from tax professionals can be summed up into two themes – feedback on initiatives that would reinforce Singapore’s competitiveness and secondly, a call for Budget 2014 to be an understanding one for its people. Underlying both themes is a common thread that productivity and competitiveness can be given a boost by simply keeping things simple.
Reinforcing Singapore’s Competitiveness
Whilst Singapore has introduced tax benefits and incentives for the earlier phase of IP creation during the research & development (R&D) stage, there is currently no specified back-end tax benefit or incentive in connection with the commercialisation of IP from Singapore.
This is in contrast to other countries which have both front-end incentives such as R&D incentives, and back-end incentives such as patent/innovation box regimes, for commercialisation of IP, which is an important key component in the IP lifecycle.
To ensure that Singapore remains competitive in the IP tax landscape especially in Asia, Singapore should consider building upon the incentives framework in the creation stage and introducing appropriate tax incentives with preferential tax treatment (through either reduced tax rates or exemption of qualifying IP income) for the commercialisation of qualifying IP that could also include unpatented intangibles arising from approved R&D activities.
Aligning Taxes and Understanding People
To reflect a Budget that understands and building on the firm foundations of current schemes, it is also proposed that the current cap of $5,500 course fee relief be increased to $8,000 for individuals who attend courses relevant to their employment or trade. With the rising costs and the nation’s drive towards higher productivity, it is thus proposed that the cap be increased.

KISS meant "Keep it simple Stupid" :doh: copycat

[princess_morbucks]

http://www.businesstimes.com.sg/breaking-news/singapore/budget-2014-singapore-smes-seek-more-help-asme-20140114

THE Association of Small and Medium Enterprises (ASME) is hoping for more governmental help this Budget to boost productivity and growth.
Majority of SMEs would like to see more initiatives to help them hire local staff and talents as well as to reduce rental costs.
They expect to see their operation costs, led by manpower, foreign worker levy and rental, to increase in 2014.
SMEs have also voiced for the Productivity and Innovation Credit (PIC) scheme, in particular, to be extended for another 2 to 3 years, ASME said following its survey which saw 473 respondents participating.

[phantom_opera]

Insurers should treat customers better
If they can't explain premium increases and policy changes plainly, they need closer regulation
The Sunday Times - January 12, 2014
By: Han Fook Kwang

-----
Like thousands of other Singaporeans, my annual health-care insurance letter came in the mail last month.

It was time to renew my insurance plan.

I usually don't give it a moment's thought because the premium is automatically deducted from my Medisave account. No action needed - so no need to fuss over it or read the fine print.

Or so I thought.

But this year's letter was different.

It started by saying there were going to be improvements to my MyShield plan, in line with the recent announcement by the Health Ministry.

That's when I knew it wasn't going to be business as usual.

The new premium was now $1,589.08, and since the maximum I could use from Medisave was $800, a payment of $789.08 was due, the letter stated.

It was the first time in years I would need to use cash to renew the plan.

But how much more was it compared to last year? There was no mention in the letter, and since I couldn't find last year's, I had no idea.

A quick call to the company revealed the answer - $800, fully paid by Medisave.

So, my premium had doubled, give or take a few dollars.

Now, if you are asked to pay twice as much for a product, you would expect some nifty new additions or improvements to justify the hefty increase.

There was something about the letter, though, that made me lower my expectations.

I think it was this line: "These revisions are necessary in order for us to stay aligned with the latest claims experience, so we can keep up with Singapore's changing healthcare landscape."

That was it?

Because health care was now a landscape - and changing - I now had to pay double?

Wait, there was a four-page annexe listing details of the changes.

But try as I did, I could not find anything in the list relevant to me. In fact, only two items sounded like anything new: the improved plan now covered cornea transplants (how many corneas get fixed this way every year?), and Accident and Emergency (A&E) treatment within 24 hours prior to hospitalisation.

The rest read like very minor tweaks and clarifications to the original plan.

One other item on the list made my blood pressure rise - my deductible had now gone up. That's the amount you pay in cash before the insurance kicks in. In my case, it went from $3,000 to $3,500.

So, to recap: My premium doubled and my deductible amount increased by $500, for some very small additions to my original plan.

I believe most other Singaporeans received similar letters, were asked to pay more, and had their deductible raised.

But because I had opted for an A Class ward plan, my increases were probably among the steepest.

Can insurance companies raise their charges this way without asking their customers whether they wanted these changes?

Since MediShield is a national health insurance scheme, do they need government approval to do so?

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Who regulates their business to make sure what they do is in the public interest?

These questions are especially pertinent now because there is a government-appointed committee looking at how best to implement a new scheme called MediShield Life that is being touted as the next big thing in health-care financing.

The new approach is meant to give Singaporeans "greater peace of mind", according to Health Minister Gan Kim Yong.

That's a heroic promise to make, but I didn't get much of it from my insurer's latest moves.

How then to make good on the pledge and ease Singaporeans' health-care worries?

Here are my three suggestions for the MediShield Life committee to consider.

First, there has to be some degree of stability and predictability to the premiums to be paid.

It would be unrealistic to expect them to be frozen in time. But premiums should not be allowed to be doubled arbitrarily from one year to the next without reasonable justification.

For those approaching retirement, it is a big worry. Would we be able to afford these premiums and deductibles over the next 20 years or so, if they keep rising?

Second, what about having an incentive built into the plan for those who stay healthy and have not made any claims, similar to the no-claim bonus scheme in motor vehicle accident insurance?

In the latter case, premiums can go down by as much as 50 per cent for those with accident-free records.

And what about even lower amounts for those who are health-conscious, exercise regularly and take their medication religiously?

Third, there has to be greater transparency in the way insurance companies operate and conduct their business.

My colleague, Salma Khalik, wrote last week in this newspaper how premiums can vary by as much as 100 per cent, from one insurer to the next, even when they involved exactly the same plans.

Because most people don't really understand health insurance and whether one plan is better than another, they depend on insurers to be open, accountable and honest about their products and how they work.

If insurers are unlikely to do this on their own, they need to be regulated much more stringently so that there are minimum standards of transparency and disclosure.

The funny thing about my own insurance plan is that I know I won't need to use it even though I've just paid to renew it.

Why?

It's because I'm already covered by the company I work in as part of its staff benefits.

Yet, I'm compelled to buy my own health insurance in the event I leave the company or when I retire.

If I don't, I risk not being able to get myself insured when I no longer enjoy my company's medical benefits.

Like many others, I have been dutifully paying for years, for insurance cover I don't need but will eventually do.

Who benefits from this wasteful arrangement?

You guessed it, those same insurance companies which get two premium payments - from me and my company - and then go on to promptly raise these premiums.

There should be a way to avoid this unnecessary duplication which only adds to the total health-care cost of the country.

But please do this quickly before I retire.

[phantom_opera]

Are u prepared to pay 2-3x premium per year for Medishield Life?? Are u happy to pay hospital bills of others who do not take care of their own health by having a rotten lifestyle and diet?

Once, LKY in his book, said Singapore, being a multi-cultural, many immigrants societies can never become socialists like Sweden ... I agree with him .. not until a unique Singapore identity emerges

:2cents:

[onglai]

Are u prepared to pay 2-3x premium per year for Medishield Life?? Are u happy to pay hospital bills of others who do not take care of their own health by having a rotten lifestyle and diet?

Once, LKY in his book, said Singapore, being a multi-cultural, many immigrants societies can never become socialists like Sweden ... I agree with him .. not until a unique Singapore identity emerges

:2cents:

i am willing to share the cost to get everyone insured. but how they work out the premium must be scrutinised by moh.

cannot suka suka up 2-3X and no one qn.