Economy & business — Topics

8 May 2023

Lower Property Tax for Retirees or Persons Suffering Drop in Income

Christopher de Souza proposed lowering property tax for retirees or individuals experiencing a drop in income.
Lawrence Wong stated the government supports retirees through other measures like the Assurance Package and CHAS subsidies, not via reduced property tax rates.
Property owners facing financial hardship can seek assistance directly from the Inland Revenue Authority of Singapore for their tax bills.

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8 May 2023

Breakdown of Revenues from Income Tax on Net Annual Value of Residential Properties

Chua Kheng Wee Louis asked for a breakdown of the income tax on the Net Annual Value (NAV) of residential properties before it was removed in 2010, including revenue amounts, property counts and proportions, and NAV percentiles.
Lawrence Wong explained that the tax was abolished as part of a broader reform to make property taxes more progressive, with higher rates for higher-value properties.
The Ministry is unable to provide the detailed historical breakdown requested because the tax was abolished nearly 15 years ago.

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8 May 2023

Criminal Database to Prevent Convicted Dishonest or Corrupt Persons from Working in Financial Sector

The Monetary Authority of Singapore requires financial institutions to ensure employees are fit and proper, conducting checks on criminal history and other records as part of recruitment and retention processes.
MAS issues prohibition orders to individuals convicted of dishonesty, notifying all financial institutions and publishing these orders online; over 70 such orders were issued between July 2017 and late 2022.
A new Act will expand MAS's authority to issue prohibition orders to anyone not fit for key financial roles, including prospective hires, even if they have not yet entered the sector.
MAS does not maintain a centralized criminal database for financial institutions to check, as criminal records are confidential and held by the Police; institutions must conduct their own due diligence.
Individuals with past dishonesty records are not automatically barred, as MAS assesses each case holistically, considering factors like the offense's severity, time elapsed, and the institution's controls.

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8 May 2023

Data on Gaming Revenue from Integrated Resorts

The government does not track the breakdown of gaming revenue by citizenship status.
Gaming revenue data for each Integrated Resort is publicly available in parent company annual reports.
The information is sourced from Las Vegas Sands Corporation and Genting Singapore reports.
The response addresses the specific questions raised by Miss Cheng Li Hui.

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8 May 2023

Curbs on Car Loans from Record High COE Prices

Mariam Jaafar asked the Prime Minister if MAS is considering car loan curbs due to record high COE prices.
The Prime Minister, represented by Tharman Shanmugaratnam, stated that MAS's loan restrictions aim to encourage prudent borrowing by households.
He noted that very few borrowers default on vehicle loans, with a non-performing loan ratio below 0.1% in Q4 2022.
MAS will continue to monitor the COE market with the Ministry of Transport.
The response indicates no immediate plans for additional curbs, focusing instead on existing prudent lending measures.

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8 May 2023

Mortgages Refinanced and Measures to Help Singapore Home Owners Facing Sudden Spike in Interest Rates

Close to 27,000 homeowners with mortgages from financial institutions refinanced their loans in the 12 months from March 2022 to February 2023, representing 6% of all outstanding mortgage loans.
The average monthly mortgage payment increase for these borrowers was about $240, or roughly 2% of their monthly income, which was cushioned by an average income growth of about 10% over the last three years.
The Monetary Authority of Singapore (MAS) noted that most borrowers are managing the payment increases prudently and has taken steps to encourage prudent borrowing, while homeowners facing difficulties are advised to contact their lenders early.
For HDB homeowners experiencing repayment issues, various government measures are available, with details provided in recent official reports and speeches on support for Singaporeans in need.

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8 May 2023

Measuring Effectiveness of EnterpriseSG Grants on Employees' Wellness Post-Project Implementation

Edward Chia asked whether EnterpriseSG grants would include employee well-being surveys as a specific indicator to measure wellness improvements before and after projects.
Gan Kim Yong clarified that EnterpriseSG grants are focused on supporting capability building, transformation, and productivity, and do not conduct employee well-being surveys.
The debate highlighted a gap between grant objectives and potential holistic employee wellness assessments.

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8 May 2023

Framework for Equitable Sharing of Losses between Scam Victims and Financial Institutions

The Government is developing a framework to equitably share losses between scam victims and financial institutions, focusing on phishing scams where customers are deceived into revealing credentials.
The framework aims to clarify the duties of financial institutions, telecommunications companies, and customers to mitigate risks while preserving confidence in digital payments.
Discussions are ongoing with telcos and other entities in the digital payments ecosystem to define their roles and responsibilities within the framework.
The development involves defining covered scam types, specifying duties for all parties, and establishing loss-sharing mechanisms when duties are breached.
A public consultation paper is planned for the third quarter of this year to engage industry stakeholders further.

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8 May 2023

Disclosure of Information by Companies on Carbon Emissions, Use of Renewable Energy and Climate Change Measures

The Government is enhancing climate-related disclosure requirements, with SGX mandating sustainability reports since 2016 and progressive mandatory climate reporting for listed companies in high-impact sectors from this year, aligned with TCFD recommendations.
The Sustainability Reporting Advisory Committee, formed in June 2022, is developing a roadmap for climate reporting for all Singapore-incorporated companies, with recommendations to be consulted publicly later this year.
These measures aim to provide investors with comparable and credible information on companies’ climate performance, emissions, and renewable energy use to support informed investment decisions.

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8 May 2023

Abuse of Additional Buyer's Stamp Duty by Joint Owners of HDB Flats

Gan Thiam Poh asked how many HDB joint owners have been found to have falsely filed for divorce to decouple their flat and avoid ABSD on a second property.
Desmond Lee stated that courts require valid statutory grounds for divorce and that no HDB flat owners have been found to have done this.
The response confirmed there have been no proven cases of ABSD abuse through false divorce filings among HDB joint owners.

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8 May 2023

Loss by Government Agencies from Insolvency of Building and Infrastructure Contractors since COVID-19

About 2% of Government construction contracts were prematurely terminated due to contractor insolvency since COVID-19, leading to an additional $450 million needed to hire replacement contractors.
Government agencies selected new contractors through competitive bids assessed against market rates and negotiated to lower prices where possible.
Agencies also called on performance bonds from insolvent contractors to offset some of the cost increases.

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8 May 2023

Attempts to Circumvent Law on Cross-border Movements of Physical Currency and Bearer Negotiable Instruments

Miss Cheng Li Hui questioned if high-value goods are being used to bypass the cash reporting law for cross-border movements.
The Minister confirmed that the law only requires reporting of physical currency and bearer instruments exceeding S$20,000, not goods.
Investigations over the past three years have not found money laundering cases involving high-value goods to circumvent the cash reporting rule.
Singapore's anti-money laundering framework includes suspicious transaction reporting by dealers and international partnerships to combat financial crimes.

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8 May 2023

Additional Annual Subsidies for Outpatient MRI Scans for Retired or Low-income Citizens

Carrie Tan proposed additional annual subsidies for outpatient MRI scans for retired or low-income citizens, citing high scan costs.
Ong Ye Kung detailed existing subsidies, including means-tested support of up to 70%, extra benefits for Pioneer and Merdeka Generation seniors, and MediSave usage capped at $300 annually for scans.
He emphasized that seniors can access additional Flexi-MediSave benefits and financial aid like MediFund, assuring that no one is denied healthcare due to cost.
MOH committed to continuously reviewing healthcare financing to ensure affordability and accessibility for all.

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8 May 2023

Bretton Woods Agreements (Amendment) Bill

The Bretton Woods Agreements (Amendment) Bill seeks to amend the Bretton Woods Agreement Act 1966.
The bill was presented by Minister of State for Trade and Industry Mr Alvin Tan on behalf of the Prime Minister.
It received its First Reading in Parliament and will be read a Second time on the next available sitting.

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8 May 2023

Reports of Unauthorised Bank Transaction taking Place despite Absence of Alerts on Customer's Telephone Records

Dr Tan Wu Meng raised concerns about unauthorised bank transactions where the bank claimed an SMS OTP was used, but the customer's telco records showed no transmission or receipt of such SMS, and asked about redress avenues.
The Minister of State responded that such cases are rare, with only two disputed OTP cases known to FIDReC since July 2022, and outlined steps for customers to contact banks, report to police, and seek mediation through FIDReC or legal action if unsatisfied.
Dr Tan further questioned the dispute process when bank and telco records conflict and asked about preparing for emerging scam technologies like deepfakes, to which the Minister stated MAS is working with banks on multi-factor authentication and public awareness, and that future loss-sharing frameworks will consider such risks.
MP Gerald Giam asked when banks would move beyond SMS OTP to more secure methods like app-based OTPs, and the Minister indicated MAS is collaborating with banks on evolving authentication technologies.

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8 May 2023

Impact of Recent Rise in Rental Prices of Commercial Properties on Singapore’s Competitiveness as Business Destination

Mr Liang Eng Hwa asked if rising commercial property rents affect Singapore’s competitiveness and whether more can be done to moderate increases, citing concerns about affordability despite rental costs being a modest part of overall business expenses.
The Minister of State for Trade and Industry responded that while global inflation has raised costs, Singapore’s office rents have grown modestly and remain below historical peaks, with stable vacancy rates and significant new office supply (530,000 square metres) expected over the next three years to ease pressures.
The government is actively calibrating supply through measures like the Government Land Sales programme, with new commercial spaces distributed across the CBD, city fringe, and outside areas (e.g., Punggol Digital District) to meet diverse business needs.
Singapore’s competitiveness is upheld not just by cost but by strong fundamentals like political stability, rule of law, skilled workforce, and connectivity, with the government committed to monitoring the market and ensuring sustainable rental prices.

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8 May 2023

Factors Considered in Drawing up COMPASS Shortage Occupation List

The Ministry of Manpower and Ministry of Trade and Industry evaluate occupations for the Shortage Occupation List based on strategic economic importance, labour shortage indicators from job vacancy and application data, and sector commitment to developing local talent pipelines, with sector agencies setting and reviewing local training and employment commitments.
The Shortage Occupation List is reviewed regularly, with annual adjustments and a full reset every three years, to respond to labour market changes, avoid entrenched dependencies on foreign workers, and ensure local graduates are not disadvantaged, with monitoring of local graduate outcomes and wage trends.
Ministries collaborate with sector agencies, the Ministry of Education, and institutions of higher learning to align course offerings with industry needs, provide broad career guidance, and encourage continuous upskilling, though detailed list sharing for career guidance is balanced against the accelerating pace of change in the job market.

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8 May 2023

Proposal to Review Cap of Coverage Per Depositor under Deposit Insurance

The government emphasized that Singapore’s Deposit Insurance (DI) scheme is a safety net for small depositors, with the current S$75,000 coverage fully insuring 89% of depositors, and that the scheme is part of broader pre-emptive safeguards like robust regulation and supervision.
The Monetary Authority of Singapore (MAS) is conducting a regular review of the DI coverage limit and operational efficacy, with proposals for public consultation by end-June 2023, independent of recent overseas bank stresses.
Concerns about rising DI coverage limits include potential cost increases for banks, which may be passed to customers, but the DI fund is adequately sized at a target of S$690 million with a 99.9% solvency standard.
Officials noted that digital banks are covered under the DI scheme, with a target payout period of seven days for insured depositors in the event of bank failure.

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8 May 2023

Measures to Deal with Recent Spike in COE Prices

Multiple MPs asked the Minister for Transport about the causes of the recent COE price spike, including the role of private hire vehicle operators, foreign residents, and speculative bidding by motorcycle dealers.
Suggestions were raised for measures such as capping private hire vehicle fleets, barring speculative dealers from bidding, and reviewing the COE allocation system to moderate prices.
The Minister was also questioned on the impact of high COE prices on livelihoods, the economy, and the number of cars in bonded warehouses, with requests for data and analysis.
The Senior Minister of State for Transport sought permission to address all questions in a later ministerial statement, which was granted by the Deputy Speaker.

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21 Apr 2023

Assessed Quantity and Nature of Labour Shortage for 27 Occupations under Shortage Occupation List

The Ministry of Manpower and Ministry of Trade and Industry assess labour shortages for the Shortage Occupation List using three criteria: importance to economic priorities, degree and nature of shortage, and sector commitment to developing local workforce.
Shortage assessments rely on quantitative indicators like unfilled vacancies for six months and applicant-to-vacancy ratios, plus qualitative input from sector agencies and industry partners.
The focus is on vacancies hard to fill due to specialised skill gaps among locals, with the SOL regularly reviewed to stay responsive to changing industry needs.

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