Economy & business

5,376 debates and bills about economy & business

19 Mar 2018

Claw-back of Government Incentives Made to Companies

From 2013 to 2017, about 100 government incentive claw-back cases occurred annually on average, constituting less than 1% of total awards, primarily due to non-fulfilment of deliverables or non-compliance with set conditions.
The Minister outlined a verification spectrum for compliance, ranging from company declarations to agency checks and acting on feedback, while noting that external auditors' primary role is not to verify incentive compliance but could theoretically assist at an added cost.
The Minister emphasized the low materiality of the issue given the small fraction of claw-backs, while acknowledging the suggestion to involve auditors further as a point for consideration.

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19 Mar 2018

Progress of Chongqing Connectivity Initiative Project

The Chongqing Connectivity Initiative has made tangible progress since its 2015 launch, with significant achievements in financial services, aviation, and the Southern Transport Corridor, which reduces transit time to about a week.
The initiative has expanded beyond logistics, with examples of collaboration in finance, HR, and agri-tech, and Singapore companies are actively exploring opportunities in sectors like healthcare, tourism, and food and beverages.
The project is proceeding on track despite leadership changes, with strong support from local Chongqing and central Chinese authorities, and Singapore continues to engage more provinces to broaden the network.

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8 Mar 2018

Acknowledgement to the Chair

The Leader of the House thanked the Speaker, Secretariat, and all staff for the smooth conduct of the 2018 Budget and Committee of Supply debates, highlighting the extensive discussions on preparing Singapore for economic, technological, and demographic shifts.
The debate covered a broad range of issues, including support for workers and local businesses, social cohesion, national security, housing, transport, education, and healthcare, with a strong emphasis on building a caring and inclusive society.
Both the Speaker and the Leader stressed the importance of balancing pragmatic policies with national ideals, calling for unity and collective action from all Singaporeans to secure the country's future.

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8 Mar 2018

Supplementary Supply (FY2017) Bill

The Senior Minister of State for Finance introduced the Supplementary Supply Bill to provide additional funds for expenditure exceeding the 2017 Supply Act, as approved in the Supplementary Estimates.
The Bill aligned with constitutional provisions (Articles 148(2) and 148C(2)) for the financial year from April 1, 2017, to March 31, 2018.
The House agreed to both the Second and Third Readings of the Bill, leading to its passage.

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8 Mar 2018

Supply Bill

The Senior Minister of State for Finance moved the Second Reading of the Supply Bill to authorize expenditure from the Consolidated Fund and Development Fund for the financial year from 1 April 2018 to 31 March 2019.
The Bill includes Heads of Expenditure and sums approved in the Main and Development Estimates, as detailed in the Schedule and Paper Command No 13 of 2018.
Upon approval, the Bill empowers the Minister to issue warrants authorizing expenditure up to the amounts specified for each Head.
The Second Reading was agreed to by the House, and the Bill was read a Second time.
The Third Reading of the Bill was moved and agreed to, leading to the Bill being passed.

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8 Mar 2018

Committee of Supply – Total Sums for Main Estimates, Development Estimates and Resolutions

The Chairman approved the remaining Heads of Expenditure under both Main and Development Estimates for the financial year 2018–2019.
The Main Estimates heads B, C, D, E, F, G, and Z were passed en bloc, authorizing $95,602,276,800.
The Development Estimates heads B, C, E, and F were also passed en bloc, authorizing $33,633,204,400.
The Senior Minister of State for Finance reported the resolutions, which were then moved and agreed to by Parliament.

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8 Mar 2018

Estimates of Expenditure for the Financial Year 1 April 2018 to 31 March 2019

The Minister for Finance presented the estimated expenditure for the financial year from 1 April 2018 to 31 March 2019, outlining the government's proposed budget allocation across various ministries and programs.
The debate focused on the allocation and utilization of public funds, with MPs questioning the rationale behind specific expenditures, the expected outcomes, and the government's fiscal priorities.
The Minister for Finance responded to queries, defending the budget's alignment with national goals such as economic growth, social security, and infrastructure development, while emphasizing prudent financial management.

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8 Mar 2018

Response to Leader's Statement on 6 March 2018

Sylvia Lim defended her suspicion that the government might raise the GST before 2021, citing public statements and speculation leading up to the 2018 Budget, and stated she would not retract her remarks or apologize.
The Leader of the House accused Lim of making unfounded allegations that tarnished ministers' reputations, urged her to retract and apologize, and warned of referring the matter to the Committee of Privileges.
Finance Minister Heng Swee Keat asserted that the government’s plans were clear and consistent, and called on Lim to withdraw her statements after reviewing the facts, which she declined to do.

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7 Mar 2018

Committee of Supply Reporting Progress

The Minister for Health sought consent to report progress and adjourn the sitting, which the Chairman granted.
The Committee of Supply resolved to report progress and ask leave to sit again the next day.
The Deputy Speaker took over the Chair of the House following the Committee’s resolution.
The Minister formally reported that the Committee had made further progress on the 2018/2019 Estimates and requested leave to sit again tomorrow.

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7 Mar 2018

Estimates of Expenditure for the Financial Year 1 April 2018 to 31 March 2019

The debate focused on the Committee of Supply’s 5th Allotted Day, where Parliament reviewed expenditure estimates for the 2018–2019 financial year.
Proceedings began with the formal reading of the order for consideration, establishing the agenda for detailed scrutiny of government spending.
Mr Speaker presided over the session, guiding the committee’s examination of the expenditure plans.

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6 Mar 2018

Committee of Supply Reporting Progress

The Minister for Transport moved to report progress and adjourn the Committee of Supply debate to the next sitting.
The Chairman put the question to the House, which was resolved in the affirmative.
Mr Khaw Boon Wan formally reported that the Committee had made further progress on the 2018/2019 Estimates.
The Deputy Speaker accepted the report and confirmed the adjournment.

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6 Mar 2018

Committee of Supply – Head M (Ministry of Finance)

Members emphasized the need for fiscal prudence, questioning how to balance cost-saving measures with service quality and future investments, while advocating for "value-for-money" approaches and innovative ground-up solutions like the Senja Estate school example.
Discussions highlighted procurement and project design considerations, including lifecycle costs, maintenance ease, and support for local construction firms, with the government explaining its rigorous processes like the Gateway Process and quality-focused tender evaluations.
The debate addressed tax policies, including calls for tax deductions for private hire vehicle drivers and progressive donation tax incentives, with the government noting ongoing reviews and the generosity of existing schemes.
Questions were raised about the governance and ethical roles of Temasek and GIC, with the government clarifying their operational independence while expecting high standards of integrity and compliance from portfolio companies.
The government detailed its digitalization efforts to enhance citizen and business services, such as the National Trade Platform and simplified filing processes, while emphasizing collaboration with the private sector.

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6 Mar 2018

Committee of Supply – Head Q (Ministry of Communications and Information)

Minister Yaacob Ibrahim outlined the "ABC" strategy to build Singapore's digital economy: Accelerate digitalisation of existing sectors through initiatives like SMEs Go Digital and Kampong Glam's digital transformation, Build up infocomm media companies through schemes like Accreditation@SG Digital and the Open Innovation Platform, and Create future digital sectors such as AI, cybersecurity, and immersive media.
The Ministry is scaling up the TechSkills Accelerator (TeSA) with $145 million to create 20,000 new training places by 2020, focusing on frontier technologies and expanding support for mid-career professionals and new sectors like manufacturing and professional services.
To ensure digital readiness and inclusion, the Ministry is launching a Digital Readiness Blueprint with initiatives like digital clinics for seniors, basic digital skills training in four languages, and partnerships with community groups to help all Singaporeans benefit from the digital age.
Senior Minister of State Chee Hong Tat highlighted efforts to grow the media sector through content, capabilities, channels, and collaboration, including support for local media companies, partnerships with international players, and initiatives to develop digital storytelling and media talent.
Minister Yaacob Ibrahim showcased the transformation of Singapore's libraries, which have seen increased visitorship and digital reach, and are partnering with agencies to promote lifelong learning, digital readiness, and preservation of national heritage through digitisation and community involvement.

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6 Mar 2018

Estimates of Expenditure for the Financial Year 1 April 2018 to 31 March 2019

The Committee of Supply convened for the 4th Allotted Day to deliberate the estimates of expenditure for the financial year 1 April 2018 to 31 March 2019.
The session commenced with the formal reading of the order for consideration of the estimates by the Chair.
No substantive debate on specific expenditure items or policies is captured in the provided transcript excerpt.

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6 Mar 2018

Statement from Leader of the House

The Leader of the House accused Ms Sylvia Lim of making untruthful allegations that the Government floated "test balloons" for an immediate GST hike, citing consistent statements from the Prime Minister and Deputy Prime Minister Tharman since 2013 about planning for a tax increase between 2021 and 2025.
The Government clarified that while it has sufficient funds until the end of the decade, it has consistently stated that structural deficits would arise without revenue increases in the next decade, particularly for healthcare spending.
Ms Lim admitted her claims were based on "suspicion" and not facts, and the Leader of the House demanded she withdraw her allegations and apologize to Parliament, as Parliamentary privilege does not protect unsubstantiated accusations.

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5 Mar 2018

Committee of Supply Reporting Progress

The Minister for Communications and Information moved to report progress and adjourn the session to the next day.
The Chairman consented to the motion, and the Committee of Supply resolved to report progress.
The Minister formally reported progress on the Estimates of Expenditure for the 2018/2019 financial year and requested leave to sit again.
The Deputy Speaker approved the request, concluding the session with the progress report.

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5 Mar 2018

Committee of Supply – Head Q (Ministry of Communications and Information)

Members of Parliament emphasized the urgent need for Singapore to embrace digital transformation across all sectors, highlighting the growth of the infocomm media sector and the creation of over 13,000 PMET jobs, while urging the Ministry to update on the performance of digital initiatives for SMEs and other industries.
Key concerns were raised about ensuring a robust cybersecurity ecosystem, revisiting privacy laws to enable data use for enterprise and government applications, and developing regulatory frameworks for AI to address ethical issues like data protection and societal readiness.
Discussions focused on supporting vulnerable groups, such as seniors and low-income families, through digital literacy programs, and ensuring equitable access to digital services, including the transition from analogue to digital TV and cybersecurity education for the public and SMEs.
The debate underscored the importance of quality journalism, partnerships in the media industry, and the role of libraries and cultural institutions in promoting lifelong learning and preserving Singapore's heritage in the digital age.

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5 Mar 2018

Estimates of Expenditure for the Financial Year 1 April 2018 to 31 March 2019

The debate on the Estimates of Expenditure for the financial year 2018–2019 commenced in the Committee of Supply.
The session was formally opened by the Speaker, marking the start of the third allotted day for consideration of the estimates.
No specific budget allocations or ministerial statements were detailed in the provided excerpt.

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2 Mar 2018

Committee of Supply Reporting Progress

The Government Whip moved to report progress and adjourn the session, which the Chairman approved.
The committee formally resolved to report progress and reconvene on Monday, 5 March 2018.
The Deputy Speaker assumed the Chair of the House following the committee's decision.
The Government Whip reported that the Committee of Supply made progress on the 2018/2019 Estimates and requested leave to sit again on the agreed date.

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2 Mar 2018

Committee of Supply – Head V (Ministry of Trade and Industry)

Singapore's startup ecosystem has grown significantly, with startup numbers rising from 22,000 in 2003 to 43,000 in 2016, and government initiatives like Startup SG and enhanced funding schemes are boosting innovation and global investor interest.
The government is restructuring agencies like the Competition Commission to better protect consumers and support businesses, while balancing pro-enterprise policies with consumer safeguards for both online and offline transactions.
To adapt to economic shifts, Singapore is promoting lifelong learning through SkillsFuture and Professional Conversion Programmes, helping workers, especially PMETs, reskill and transition into growing sectors like healthcare, infocomm, and wholesale trade.
The government is fostering global market expertise through overseas training programmes for students and business leaders, such as the SkillsFuture Young Talent Programme and the new ASEAN Leadership Programme, to help Singaporeans capture opportunities in Asia.
Industry partnerships, employer engagement, and ecosystem support are critical for driving transformation, with companies urged to invest in skills development and international expansion to sustain competitiveness and create local jobs.

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