BIZSpoke | 15 November 2024 - 27 Key Recommendations Unveiled to Boost Business Competitiveness

15 NOVEMBER 2024

27 Key Recommendations Unveiled to Boost Business Competitiveness

The Public-Private Alliance for Action (AfA) is taking steps to strengthen Singapore's business environment. Co-chaired by Senior Minister of State Low Yen Ying and SBF Vice-Chairman Mark Lee, the AfA has unveiled a comprehensive report with 27 recommendations focused on manpower, land, and regulations, which was presented to Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong on 1 November.

Hear from SBF CEO Kok Ping Soon and Deputy Secretary (Industry) at Ministry of Trade and Industry Keith Tan, as they discuss its potential impact on businesses on CNA's Singapore Tonight.

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WHAT'S NEW

Let’s Get Real About the Manpower Needs of Singapore’s Manufacturing Sector

SBF CEO Kok Ping Soon highlighted that Singapore’s manufacturing manpower shortage is driven by younger workers shunning the sector and automation's limits in replacing human tasks. The Alliance for Action on Business Competitiveness urges targeted changes to foreign manpower policies to help retain Singapore’s global manufacturing competitiveness amid rising costs and a potential exodus of firms.

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NMP Neil Parekh On Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill

On 11 November, NMP and SBF Council Member Neil Parekh highlighted in Parliament that the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill bolsters Singapore’s competitiveness by aligning tax policies with global standards and offering incentives to attract high-value investments. He also raised questions on SME benefits, compliance penalties, and measures to prevent double taxation.

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A 3-Min Guide to Tax Rebate, Seamless Filing and More

The Year of Assessment (YA) 2024 Corporate Income Tax (CIT) filing season is upon us, but don’t hit that snooze button just yet. Filing your company’s tax return this year comes with some exciting incentives that could significantly impact your bottom line. The Inland Revenue Authority of Singapore (IRAS) breaks down the key points you need to know.

SBF Leads Singapore Companies at CIIE to Tap into China’s Expansive Consumer Market

At the China International Import Expo (CIIE) held in Shanghai from 5 - 10 November, SBF led a business delegation of 44 Singapore companies eager to tap into China’s vast consumer market. The delegation also inked 15 MOUs worth over S$60 million across key sectors, including healthcare and trade at the Singapore-China Trade Investment Forum, held in conjunction with CIIE.

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SBF CEO Highlights Singapore-China Trade Shift Toward Digital and Green Sectors

In an interview on CNBC Asia's Street Signs, SBF CEO Kok Ping Soon highlighted growing opportunities in Singapore-China trade, spotlighting a shift towards high-growth sectors like financial services, biotech, and digital economy initiatives. He also noted that there continues to be strong demand for Singapore products and services in China despite signs of slowing activity in the world’s second largest economy.

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