Businesses are hoping for a Budget that lays the groundwork for long-term competitiveness.
SINGAPORE - With geopolitical tensions, trade disruptions and global interest rate volatility likely to persist this year, businesses, workers and families in Singapore hope that Budget 2024 will bring more support in helping them manage challenges such as inflation, harder access to funds and job uncertainties, on top of other difficulties.
Maybank economist Chua Hak Bin said a key pillar of this year’s Budget will be longer-term policies and recommendations that will shed light on Deputy Prime Minister and Finance Minister Lawrence Wong’s vision and priorities as Singapore’s next leader.
For these young companies in the early stages of growth, getting a bank loan can be difficult, especially for early-stage start-ups with no track record or collateral. Even if a start-up can get a loan, the interest rates can be prohibitively high. “If there are measures to help these companies actively manage cost increases in core factors of production like rental, manpower, electricity, it would really help this year,” said Mr Ang Yuit, president of the Association of Small and Medium Enterprises .
Measures can also be explored to encourage Singaporeans to upgrade their skills and pivot to key growth sectors, he said. “In this light, AmCham welcomes and encourages the expansion of energy conservation programmes to encompass a broader spectrum of opportunities, thereby enabling more inclusive participation of SMEs in sustainability initiatives,” Dr Lei said.
Currently, while Singapore’s corporate tax rate is 17 per cent, many MNCs benefit from tax incentives and pay much lower taxes than the upcoming 15 per cent.
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