Economy & business — Topics

1 Aug 2022

Waiver of Resale Levies on Flats Acquired under Selective En-Bloc Redevelopment Scheme

Mr Chua Kheng Wee Louis questioned whether HDB has waived resale levies for SERS flat owners on a case-by-case basis and if exemptions could be granted to current and future affected households.
Desmond Lee explained that SERS households buying a new subsidised replacement flat are already exempt from the resale levy as a concession, while those with prior unsubsidised flat sales face a capped levy of $30,000.
He noted that SERS flat owners liable for the levy can avoid payment by selling their flat on the open market or opting for an ex-gratia payment, enabling them to purchase a resale flat without the levy.

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1 Aug 2022

Number of Fraud Cases and Amount Defrauded Since Inception of SkillsFuture Programmes

Leong Mun Wai asked about the annual expenditure and the number of fraud cases and amounts defrauded since the inception of SkillsFuture programmes.
SkillsFuture Singapore was established in 2016 and provides about $700 million in annual subsidies to individuals and companies.
Since 2016, there have been three unrelated fraud cases with a total defrauded amount of about $42 million.
One of these cases involved a criminal syndicate in 2017 that defrauded $40 million.
The Ministry of Education, through SkillsFuture Singapore, coordinates and drives the implementation of the national SkillsFuture Movement.

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1 Aug 2022

Ratio of Successful to Unsuccessful Tenderers for Cooked Food Hawker Stalls in Toa Payoh, and Mean Bid Prices

From 2019 to 2021, there was an average of 13 tender bids per cooked food stall in Toa Payoh, matching the national average of 13.5.
The mean and median bid prices for successful tenders were $1,323 and $1,417 respectively, with rentals fixed for the first three years before review.
The government emphasizes a fair, open, and transparent tender process with no minimum bid and publishes successful bids, and notes eligible Singaporeans and Permanent Residents can participate, including coffeeshop stallholders.

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1 Aug 2022

Average Annual Rate of Increase in Rent for Food Establishments from 2000 to 2019

Hazel Poa asked the Ministry for Trade and Industry for data on the average annual rent increase for various food establishments across specific time periods from 2000 to 2019.
Gan Kim Yong stated that data on the average rent increase per annum for the food and beverage services sector is available but a further breakdown by establishment type is not.
For hawker centres, the median monthly rental for non-subsidised cooked food stalls remained stable at around $1,250 with an average annual increase of 0.3% from 2015 to 2020.

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1 Aug 2022

Rental Costs as Percentage of Total Business Costs for Food Establishments

Hazel Poa asked whether the Ministry tracks rental costs as a percentage of total business costs for various food establishments and for specific years.
Gan Kim Yong responded that the Department of Statistics publishes data on rental cost share for the food and beverage services sector but does not provide a further breakdown by establishment type.
The National Environment Agency (NEA) compiles data on business costs for cooked food stalls in hawker centres, with rental cost share data for non-subsidised stalls provided for 2019 and 2020.
Data on rental cost share for the broader food and beverage services sector is available for the years 2000, 2010, 2019, and 2020.
The response indicates that detailed data for specific establishment types like coffee shops and restaurants is not available beyond the sector-level and NEA-managed hawker stalls.

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1 Aug 2022

Rental Cost as Percentage of Total Business Cost in Retail Sector

Hazel Poa asked if the Ministry tracks the share of rental costs in total business costs for retail businesses and to provide the percentages from 2000 to 2021.
Gan Kim Yong responded that the Department of Statistics publishes data on this share, indicating it averaged around 31% between 2000 and 2020.
The minister noted the rental cost share was relatively stable during this period and referenced detailed data in a table.

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1 Aug 2022

Due Diligence and Credit Checks for Foreign Domestic Workers Taking Loans from Moneylenders

Licensed moneylenders are legally required to conduct due diligence and credit checks on all loan applicants, including foreign domestic workers, by verifying personal details and income documents and obtaining credit reports from the Moneylenders Credit Bureau (MLCB).
The MLCB provides credit reports that assess borrowers' creditworthiness and outstanding debts, and its system automatically rejects loan applications that would exceed income-based aggregate loan caps, such as the $500 limit for foreigners earning under $10,000 annually.
The Registry of Moneylenders enforces compliance through regular inspections to ensure licensed moneylenders adhere to lending laws and safeguards for all borrowers.

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1 Aug 2022

Number of Singaporeans Who Received GST Vouchers in 2021 but Not 2022

Ms Mariam Jaafar asked how many Singaporeans who received GST Vouchers in 2021 did not receive them in 2022.
Lawrence Wong stated that about 88,000 Singaporeans who received GST Vouchers in 2021 will not receive them in 2022 due to changes in income, property, overseas relocation, or death.
About 218,000 Singaporeans are newly eligible for GST Vouchers in 2022 because of enhanced eligibility criteria, including a higher income threshold.
Overall, 130,000 more Singaporeans will receive GST Vouchers in 2022 compared to 2021.

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1 Aug 2022

Results of Review Arising from Phishing Scam on OCBC Customers

Desmond Choo asked about the interim arrangement for loss sharing pending a new framework and whether bank-targeted scams have decreased since safeguards like removing clickable links were implemented.
Tharman Shanmugaratnam responded that banks have implemented anti-scam measures and are coordinating with police to freeze accounts and recover funds, leading to a drop in phishing scams from 839 in December 2021 to 113 in May 2022.
He added that MAS will publish a consultation paper on an equitable loss-sharing framework but expects banks to investigate cases fairly and not burden customers who practised good cyber hygiene.

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1 Aug 2022

Licences Awarded to Digital Payment Token Service Providers and Plans to Promote Singapore as Cryptocurrency Hub

The Ministry stated that Singapore's financial system has been largely unaffected by the recent cryptocurrency market turmoil, with limited exposure from key institutions and the six licensed Digital Payment Token (DPT) service providers.
The Monetary Authority of Singapore (MAS) is evaluating the financial condition of DPT applicants and will enhance the regulatory framework, with a focus on anti-money laundering, terrorism financing, and restricting public promotion of such services.
MAS reiterated its aim to grow a responsible digital asset ecosystem centered on real-world use cases like trade finance and cross-border payments, while actively discouraging risky retail participation in cryptocurrency trading.

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1 Aug 2022

Singaporeans' Exposure to Recent Collapse TerraUSD Stablecoin and Luna Tokens

Saktiandi Supaat asked the Prime Minister for data on Singaporeans' exposure to the TerraUSD and Luna collapse, systemic risks from fundraising efforts, and the status of MAS's review of crypto regulation.
Tharman Shanmugaratnam, representing the Prime Minister, stated that spillovers to the mainstream financial system are limited and banks have insignificant exposures, though public crypto holding data is unavailable.
MAS is actively reviewing stablecoin regulation, currently treating them as digital payment tokens under the Payment Services Act, and plans to consult the public on a tailored regime addressing reserve requirements and peg stability.

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1 Aug 2022

Guidelines on Rental Rates for Vehicles Hired for Driving Trades

Ms Yeo Wan Ling asked whether the Ministry for Transport plans to provide guidelines on recommended rental rates for vehicles hired for driving trades such as private hire vehicles.
S Iswaran stated that vehicle rental rates are commercially determined through agreements between rental companies and drivers.
The Land Transport Authority does not set guidelines or intervene in rental rates, allowing companies to offer competitive packages tailored to drivers’ needs.

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1 Aug 2022

Covered Walkways for Residents Who Live Within 800-metre Radius of MRT Stations

Lim Wee Kiak asked whether the Walk2Ride programme could be expanded to build covered walkways for residents within an 800-metre radius of all MRT stations.
The Minister for Transport, S Iswaran, stated that the covered linkway programme currently focuses on connecting commuters within a 400-metre radius of major transport nodes to key amenities in a fiscally prudent manner.
There are no plans to expand the criteria beyond the 400-metre radius, as the priority is to maximize the use of limited financial resources to benefit more commuters within the existing framework.

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1 Aug 2022

New Guidelines for Future Public-private partnership Projects Given Termination of Singapore Sports Hub Partnership Agreement

Edward Chia asked the Minister for Culture, Community and Youth about new safeguards and guidelines for future public-private partnership (PPP) projects following the termination of the Singapore Sports Hub agreement, including lessons learned from the experience.
He also sought clarification on the considerations behind the termination, the total financial and non-financial costs to the Government during the PPP's operation, and the anticipated costs of SportSG taking over full management.
Wan Rizal inquired about SportSG’s plans to enhance facility utilisation, attract world-class events and talents, and improve access for Singaporeans at the Sports Hub.
Edwin Tong noted that all these questions were addressed in the Ministerial Statement delivered on 1 August 2022, which detailed efforts to unlock the Sports Hub’s full potential.

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1 Aug 2022

Competition Commission's Review of Alleged Anti-competitive Behaviour by Fuel Retailers in First Half of 2022

Gerald Giam asked the Minister for Trade and Industry when the Competition and Consumer Commission of Singapore (CCCS) will release its review results on alleged anti-competitive behaviour by fuel retailers in the first half of 2022, and whether such reviews will be conducted periodically in the future.
Minister Gan Kim Yong stated that the Ministry of Trade and Industry is reviewing the fuel retail market to assess ways to alleviate fuel price pressures and examine global developments and operator practices, with CCCS requiring data submissions from retailers.
The Minister noted that petrol pump prices have fallen by 7% to 12% since early July, and future reviews will depend on market conditions and industry practices, with the government committed to monitoring the fuel retail market closely.

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1 Aug 2022

Review of Taxation Policy on Gains from Exercise of Share Options, Given Downturn in Startup and Technology Sectors

Member Kwek Hian Chuan Henry inquired whether the Inland Revenue Authority of Singapore would review the taxation policy on gains from share option exercises, given the downturn in the startup and technology sectors and the risk of share value decline after tax assessment.
Deputy Prime Minister Lawrence Wong clarified that gains from Employee Share Options (ESOP) are considered employment income and are taxable in the year of exercise, based on the market price difference between the share price on the exercise date and the exercise price.
If a moratorium on selling shares is imposed, taxation applies when the moratorium is lifted, using the market price at that time.
Employees are advised to consider both tax and non-tax factors, including future share price outlook, when deciding whether to exercise their ESOP.
Capital gains from selling shares after exercise are not taxed, while capital losses are not tax deductible.

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1 Aug 2022

Use of Per Capita Annual Value of Homes as Basis for Assistance Packages to Offset Cost of Living

Kwek Hian Chuan Henry asked whether future cost-of-living assistance could use the per capita annual value of homes to better support larger families in non-HDB flats.
Lawrence Wong explained that social support schemes are means-tested using criteria like per capita household income, while annual value serves as a proxy for wealth and family support, with appeals possible for borderline cases.
Some support measures, such as recent utility credits and CDC vouchers, are not means-tested and provided to all households.
The government will continue reviewing assistance criteria for appropriateness and fiscal sustainability, prioritizing those with greater need.

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1 Aug 2022

"Live" Broadcast of English Premier League Matches Under IMDA's Crosscarriage Framework

Murali Pillai questioned whether pay TV operators have discretion under IMDA’s Cross Carriage Measure (CCM) to not share exclusive content and whether both Singtel and StarHub must jointly broadcast all English Premier League matches live, even if exceeding four channels, with measures to ensure this.
Murali Pillai also asked why IMDA allows StarHub to charge $64.90 per month for the Premier League Pack via crosscarriage, compared to a $19.99 promotional rate for the same content via StarHub’s set-top boxes.
Josephine Teo explained that the CCM requires exclusive "live" TV programmes to be cross-carried on non-discriminatory terms, but StarHub decides the number of live channels and must broadcast non-real-time matches within 48 hours, with IMDA oversight.
She clarified that the $64.90 price applies to Pay TV platform subscriptions for all subscribers, while the $19.99 rate is for StarHub’s OTT Premier+ pack, which is not covered by CCM and offers discounts for bundled services.
The CCM aims to reduce consumer inconvenience and costs by enabling access to exclusive content via one set-top box, but it does not apply to OTT platforms where content is more accessible.

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1 Aug 2022

Energy Supply Situation in Singapore Given Global Competition for Liquefied Natural Gas Supply

Gan Kim Yong addressed concerns about Singapore’s energy supply, noting that volatile global LNG prices due to the Ukraine conflict and seasonal demand have impacted electricity costs, with Singapore relying on imported natural gas for 95% of its electricity.
Measures such as the Standby LNG Facility, fuel stockpiling, and the Temporary Electricity Contracting Support Scheme have stabilized energy prices and ensured supply resilience, with these measures extended until March 2023.
The government is providing financial support to households and businesses, including doubled GST Voucher-U-Save rebates, a $100 Household Utilities Credit, and energy efficiency grants for SMEs, to help manage higher electricity costs.

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1 Aug 2022

SMEs' Adoption of Sustainability Practices

Over 300 SMEs have participated in awareness programmes and over 40 sustainability projects have been supported since the Enterprise Sustainability Programme launched in 2021.
Sector-specific frameworks, like the Textile and Fashion Federation’s sustainability programme and the Food Services Industry Transformation Map, are helping SMEs adopt tailored solutions.
Government grants such as the Energy Efficiency Grant and NEA’s Energy Efficiency Fund are providing financial support for SMEs to adopt green technologies.
The government is working with businesses and trade associations to build capabilities and help SMEs prepare for a low-carbon future.
Efforts are focused on making sustainability a competitive advantage for SMEs in Singapore.

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