Economy & business — Topics

1 Mar 2016

Accurately Calibrated Weighing Scales at Supermarkets and Grocery Stores

SPRING Singapore and its enforcement agency, Certis Cisco, require all weighing instruments used for trade to be registered, verified by authorised verifiers, and affixed with accuracy labels valid for one year, with mandatory re-verification before expiry.
Regular spot checks are conducted at various locations, including supermarkets and markets, with over 8,000 instruments checked in 2015; traders found with non-compliant instruments are given notices to rectify within 14 days or face penalties such as fines or imprisonment.
Enforcement actions include fines up to S$5,000 for using unsealed instruments and up to S$2,000 for lapsed labels, with seven infringement cases recorded from 2011 to 2015; SPRING also conducts outreach with trade associations and CASE to raise awareness.

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1 Mar 2016

Growing New Industries that Promise Economic and Non-economic Benefits

Leon Perera proposed developing indoor vertical farming and solar power as new industries to enhance food and energy security, reduce imports, and create exportable expertise, suggesting more aggressive use of rooftop and underground spaces and setting stretch targets for solar energy.
The Parliamentary Secretary affirmed the government's commitment to economic transformation and cited examples like water technology, advanced manufacturing, and solar initiatives, while noting the need for cost-benefit analysis on underground farming and emphasizing SkillsFuture to prepare workers for new sectors.
Both sides highlighted Singapore's potential to become a "living lab" for innovation, turning domestic challenges into opportunities for exportable solutions and non-economic benefits like sustainability and quality of life.

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1 Mar 2016

Ensuring Fair Terms in Government Contracts

The Ministry of Finance provides templates and guidelines for government contracts, which are reviewed periodically with industry feedback, and advises agencies on fair liquidated damages and early resolution of issues with contractors.
Government procurement officers receive training on writing tender specifications, but audits must consider industry-specific contexts, and the Ministry collaborates with lead agencies to guide procurement across various sectors.
Service providers can raise questions or concerns about tenders directly with agencies, via Quality Service Managers, or through the Ministry's feedback channels, including the GeBIZ procurement notice system.
The government encourages mediation through the Singapore Mediation Centre for disputes, but cannot directly regulate private sector contracts beyond existing laws like the Unfair Contract Terms Act, which courts can enforce.

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1 Mar 2016

Clawback Amounts from Productivity and Innovation Credit Payouts

IRAS has investigated or audited about 71,000 PIC claims (30% of cash payouts from 2011 to 2015), leading to 1,500 cases requiring clawbacks and $11 million clawed back, with $8 million recovered so far.
Of the 71,000 investigated claims, 43,000 were rejected before payout, 1,500 required clawbacks after payout, and the remaining 25,000 are still under investigation or audit.
The government emphasizes strict enforcement against PIC abuse, including prosecuting fraud cases, though specific data on prosecutions involving consultants is not immediately available and the approval process is continually reviewed for improvements.

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1 Mar 2016

Alternative HDB or JTC Sites for Small Businesses whose Premises are Destroyed by Fire

The Ministry of National Development outlined that HDB and JTC have existing measures to assist tenants whose premises are destroyed by fire, including rent remission and the allocation of transitional units for temporary business operations.
The Senior Minister of State explained that HDB manages repairs and rent remission for affected units, while JTC similarly provides alternative factory units and case-by-case rental remission during the rectification period.
A Member asked about the availability of transitional units, to which the Ministry responded that the number fluctuates and depends on uptake, with no fixed figure available at any given time.

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29 Feb 2016

Review of Property Cooling Measures

Christopher de Souza proposed removing the Additional Buyer's Stamp Duty (ABSD) for Singaporeans while retaining it for foreigners.
Lawrence Wong responded that property cooling measures are designed to maintain market stability and sustainability.
He stated that it is too early to relax these measures, as doing so could cause a market rebound.
Wong explained that the ABSD was introduced to moderate demand from investors, non-citizens, and corporate entities.
He noted that Singapore citizens who do not own any residential property are already exempt from paying ABSD.

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29 Feb 2016

Payments Made to Sports Hub Partner Per Year for Building, Maintaining and Operating Facility

The Government pays Sports Hub Pte Ltd an annual availability payment of $193.7 million, subject to inflation, for building, maintaining, and operating the Sports Hub under a 25-year public-private partnership.
Full annual payments began in July 2014, with the total estimated cost spread evenly over the contract period to manage project risks and ensure accountability.
At the end of the concession period, Sports Hub Pte Ltd is required to hand back the facilities to the Government.

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29 Feb 2016

Additional Assistance for Retrenched PMETs to Retrain and Upgrade for Reemployment

The Ministry of Manpower supports retrenched PMETs through SkillsFuture grants, subsidies for mid-career workers, and Professional Conversion Programmes with salary support for employers.
Additional initiatives include the P-Max programme for SME job matching and the Career Support Programme providing wage support for hiring mature PMETs seeking employment.
Agencies like WDA and e2i connect job-seekers to employers via portals, job fairs, and events while monitoring the labour market to enhance employment support as needed.

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29 Feb 2016

Impact of MAS' Imposition of Borrowing Limit on Easing of Individual Indebtedness

MAS phased in a borrowing limit on unsecured credit across all financial institutions from 24 times monthly income in 2015 to 12 times by 2019.
Following the limit's introduction, the number of borrowers with unsecured debt exceeding 24 times their monthly income halved from approximately 32,000 to 17,000 within nine months.
Borrowers with unsecured debt above 12 times their monthly income decreased by about 14%, from roughly 84,000 to 72,000 over the same period.
Most borrowers use credit prudently and are unaffected, while those with high debt are encouraged to seek help from financial institutions or Credit Counselling Singapore.

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29 Feb 2016

Singapore's Response to Malaysia's Imposition of Higher Vehicle Permit Fees at the Causeway and Second Link

Ang Wei Neng asked the Minister for Transport whether Singapore will adjust Vehicle Entry Permit fees, toll charges, or other fees in response to Malaysia’s plan to impose RM20 on Singapore-registered vehicles entering via the Causeway and Second Link.
Khaw Boon Wan responded that if Malaysia’s road charge discriminates against Singapore-registered vehicles, Singapore will match it in some form.
Khaw noted that the details of Malaysia’s final proposal are not yet available, so a precise response cannot be determined at this time.

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29 Feb 2016

Impact of Recent CPF Changes on Number and Amount of CPF Top-ups

The CPF change allowing transfers to a spouse’s Special or Retirement Account above the Basic Retirement Sum led to over 400 transfers totalling $12 million in January 2016, about 2.5 times the previous year.
About one in 20 of these spouse transfers was made by members with CPF savings above the Basic but below the Full Retirement Sum.
Since January 2016, CPF members above 55 can top-up their Retirement Account to the Enhanced Retirement Sum, resulting in 1,700 top-ups totalling $80 million in that month.

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29 Feb 2016

Bogus Charges for Business Registration Services

Lim Biow Chuan questioned what actions ACRA takes to prevent companies from being misled into paying for fake registration services.
Heng Swee Keat stated that ACRA is the sole statutory body for business registration and will prosecute offenders, with penalties up to $10,000 fine and six months’ imprisonment.
ACRA has safeguards like distinct letterheads and requires businesses to state their names and registration numbers, with fines for breaches.
Companies are urged to verify third-party identities using ACRA’s free search tool, review terms carefully, and report suspicious activities to ACRA or the Police.

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29 Feb 2016

Building a Ready, Resilient and Relevant Workforce in the Financial Sector

Patrick Tay highlighted the financial sector's vulnerability to global economic pressures, citing layoffs by major banks and the need for a "3R" (ready, resilient, relevant) workforce, proposing tripartite collaboration and skills upgrading through the new Financial Sector Tripartite Committee and a career advisory centre.
Lawrence Wong acknowledged global consolidation pressures but noted Singapore's relative containment of impact, emphasizing growth in areas like fintech and asset management, and committed to enhancing education curricula, expanding SkillsFuture programs, and fostering a Singaporean core in leadership roles.
Both speakers stressed the importance of tripartite partnership—among unions, employers, and government—to support displaced workers, promote fair employment practices, and prepare the workforce for future industry changes through continuous learning and structured career pathways.

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29 Feb 2016

Income Tax (Amendment) Bill

The bill extends and enhances the M&A scheme, including a higher tax allowance and a lower shareholding threshold, to support companies in scaling and competing overseas.
It introduces a new International Growth Scheme with a 10% concessionary tax rate and expands double tax deductions for businesses expanding internationally.
Personal income tax rates are increased for high-income earners, with the top marginal rate raised to 22%, effective from YA 2017 to enhance progressivity.
Tax exemptions are granted for SRS withdrawals in cases of death or terminal illness, and non-resident tax rates are aligned with the new top resident rate.
The tax deduction for donations is enhanced to 300% and extended, along with other technical and administrative improvements to the income tax regime.

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29 Feb 2016

Goods and Services Tax (Amendment) Bill

The Bill expands the Comptroller of GST’s power to impose Travel Restriction Orders on individuals who wrongly claim tourist refunds and fail to repay them, while ensuring genuine tourists remain unaffected.
It rationalises the definition of aircraft for GST zero-rating, clarifying that supplies related to aircraft wholly used for international travel or military use are zero-rated, and extends zero-rating to supplies specifically attributable to international flights even for mixed-use aircraft.
A technical amendment ensures zero-rating applies to goods supplied for retail sale as merchandise on board aircraft or ships.

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29 Feb 2016

Banking (Amendment) Bill

The Banking (Amendment) Bill strengthens prudential safeguards by empowering MAS to require foreign bank branches to incorporate locally, especially for those with significant retail presence, and to impose leverage and liquidity caps aligned with international standards.
The Bill enhances corporate governance by giving MAS power to remove unfit bank officers, repealing joint liability for directors, requiring arm’s-length related-party transactions, and strengthening auditor oversight.
Amendments reinforce banks’ risk management, requiring MAS approval for new non-banking business locations and mandating immediate reporting of adverse developments to facilitate timely supervisory action.
The Minister addressed concerns about balancing regulation with competitiveness, noting extensive industry consultation and alignment with global standards to maintain Singapore’s financial sector resilience.
Members raised points about peer-to-peer lending, with the Minister clarifying it falls outside the Banking Act but is under review for investor protection and innovation balance.

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29 Feb 2016

Central Provident Fund (Amendment) Bill

The bill amends the CPF Act to implement policy changes from the CPF Advisory Panel, allowing members aged 55 and above who have set aside the Basic Retirement Sum to transfer savings to their spouses and deferring the CPF LIFE plan selection until the Payout Eligibility Age instead of age 55.
It enhances insurance coverage under the Home Protection Scheme (HPS) and Dependants' Protection Scheme (DPS) by expanding the definition of incapacity to include terminal illness and total permanent disability, and allows non-spouse co-owners to pay HPS premiums to prevent lapses.
The amendments strengthen safeguards for MediSave monies by allowing the CPF Board to impose administrative penalties on medical institutions and insurers for wrongful claims and mandate recovery of unauthorised deductions.

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29 Feb 2016

Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill

The bill seeks to amend the Economic Expansion Incentives (Relief from Income Tax) Act and make related changes to the Income Tax Act.
It was presented by the Minister for Trade and Industry (Trade) Mr Lim Hng Kiang and approved for a second reading at the next parliamentary sitting.
The amendments are designed to update existing tax relief frameworks for economic expansion activities.
The proposed changes are consequential to ensure alignment between the two Acts.
The bill proceeds with the recommendation of the President signified for parliamentary consideration.

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29 Feb 2016

Companies Breaching Personal Data Protection Act and Do-Not-Call Provisions

Since the Personal Data Protection Act took effect, the Personal Data Protection Commission received about 9,700 valid Do-Not-Call complaints against 1,500 companies, mostly from property, retail, and financial sectors.
Two organizations were prosecuted and two others had offenses compounded for DNC breaches, while about 3,000 companies received advisory notices and warnings due to misunderstanding of the rules.
Public education efforts, including briefings, workshops, and online resources, engaged over 23,000 participants from 7,500 organizations, helping reduce DNC complaints by more than 50% in 2015.

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29 Feb 2016

Payment for Rental of Sports Hub for Extra Rehearsal Days for National Day Parade

The Minister for Defence, Dr Ng Eng Hen, stated that NDP 2016 at the National Stadium is expected to cost about $39.4 million, with venue costs at 15% (approximately $5.91 million) due to it being a private venue, compared to previous NDPs at public sites like the Padang and Marina Bay Platform which had lower venue costs.
The Government acknowledges the higher costs but highlights advantages such as increased spectator capacity (275,000 people) compared to previous venues, while noting that detailed cost breakdowns are not provided in the Budget and future costs for using the Sports Hub are theoretical and unspecified.
Parliament members raised concerns about the rental agreement allowing only 45 days for rehearsals versus the estimated 80 days needed, the lack of dispute resolution mechanisms in the public-private partnership, and the justification for using SG50 NDP costs as a benchmark for future parades.

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