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SBF looks forward to working with the Government on Budget’s focus on economy and enterprises to help businesses

24 March 2016 [Singapore] - The Singapore Business Federation (SBF) looks forward to working with Government on a targeted Budget 2016 that recognises the importance of innovation, scaling-up and internationalisation. It is a realistic Budget aimed at economic transformation for the longer term.

“This year’s Budget includes a good mix of SME-centric measures. We appreciate the government’s recognition of the challenges SMEs are facing. The Business Grants Portal is a step in the right direction to streamline access to grants from various Government agencies. We also welcome the Automation Support Package that will help SMEs in their transformation and restructuring efforts.”
Lawrence Leow, Chairman, SBF-led SME Committee

“SBF is encouraged by a prudent and forward-looking Budget that addresses near-term concerns and yet transforms companies through enterprise and innovation. The Government’s desire for businesses to scale-up and transform is very clear through the measures aimed at enterprise, industry and people. Initiatives such as the Industry Transformation Programme and the National Robotics Programme will play critical roles in growing new industries and building our future-readiness. We look forward to a closer partnership with the Government on these new programmes. We also urge businesses to remain focused and confident amid the current headwinds.”
S.S Teo, Chairman, SBF

Together with other TACs, SBF welcomes the LEAD Plus Programme to strengthen our capabilities, processes and services which will in turn benefit the industries.

In addition, SBF and SBF Foundation welcome the Government’s initiative to provide tax deduction for donation of services to companies. We encourage companies to make good use of the tax deduction by offering their services to charities in practical ways and integrate their corporate social responsibility efforts into their business. Through this, we believe that the charity sector will greatly benefit from the business community’s contributions.

However, not all businesses’ expectations are met. There is some disappointment with the limited measures to reduce business costs. We were also expecting a broader foreign worker levy deferment.

Budget 2016

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