Business costs main concern for S'pore firms
By S Ramesh | Posted: 03 January 2011 1430 hrs
SINGAPORE: Business costs have become a primary concern for Singapore firms.
They
have outstripped other concerns such as access to financing options and
the lowering of foreign worker levies and quotas among members of the
Singapore Chinese chamber of Commerce and Industry (SCCCI).
Nearly 66 per cent of members called for a reduction of business costs.
In
its Budget Wish List, the chamber is calling for a reduction in the
cost of utilities, fees such as licensing charges and online application
and information charges levied by government agencies.
Taken altogether, SCCCI said these government charges add to the financial burden of SMEs and start-up companies.
Other
items on their wish list include: increasing the level of government
subsidies for customised training courses to meet the specific
requirements of companies as Singapore transforms into a knowledge-based
economy.
They are also calling for more incentives to be given
to SMEs to venture overseas jointly as a group or consortium with their
industry counterparts, and pool their resources to clinch more deals.
The
Chamber also wants the corporate income tax lowered to 16.5 per cent to
be comparable to other regional economies like Hong Kong. The headline
corporate tax rate for Singapore is 17 per cent.
It is also hoping for a reduction of property tax and provision of more rental rebates.
Finally,
the Chamber hopes for a reduction in foreign worker levy for foreign
workers with specialised skills and professional qualifications. It said
many SMEs are hit by the labour crunch and a shortage of skilled
workers in specific industries.
Furthermore, the benefits of re-training and re-skilling local workers will take time to materialise.
Meanwhile
a survey of business outlook and sentiments for 2011 amongst the
Chambers members indicate that despite the tampering of growth
expectations by the government for 2011, businesses are even more
optimistic about their prospects in the New Year.
Nearly 66 per
cent of firms have forecast increased revenue compared to the 2010
survey of SMEs between June and August where 45 per cent of respondents
indicated higher revenue.
Only eight per cent of respondents are expected to reduce hiring.
-CNA/ac
Source:
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1102440/1/.html
We are already so pro business liao.
Give more subsidies I think everyone save up become boss better lah...
Some employers are already misusing the subsidies given, frankly speaking.
the last time corporate tax was reduced, our gst went up.
I see... didnt know that.
In macro view, it is a advantage to us (sporean), for reduction on business costs will definately make Spore look more competitive and attract foreign investors to set up companies here, thus employing Spore workers.
I think they need to import other kind of FTs maybe from Congo, Chad, Sudan, Ethopian etc, to paid even lower wages to them. That's the only way they can ever think of.
so many cheaper labour option already.
yet they are complaining.
Companies can do this. Get students to do internship at their companies... $360 a month.... cheaper than foreigners...