This really isn't my cup of tea. So I'll shut up (I know when to unlike thepersonwhosebooksweresoldoutandrecentlyreplendishedontheshelves) and let the people from the Big 4 analyze it. Caveat: The comments come from companies based locally hence they tend to be *ahem favorable.
PwC: Numerous Responses to Singapore Budget 2011
The Singapore Budget 2011 was delivered Feb 18 by Finance Minister, Tharman Shanmugaratnam and it drew several responses from PwC experts. Gautam Banerjee, Executive Chairman, PwC LLP (Singapore)said it was a budget with something for everyone, and lots more for the low income. He noted that it aimed to share the largesse of government surplus with people at the bottom while at the same time, helping to raise productivity across the board and sharpen the competitiveness of several priority sectors. On the whole, Shanmugaratnam saw it as a smart and strategic move to help Singapore stay relevant and compete on an advantageous footing against other economies.
Koh Soo How, Tax Partner, PwC Services LLP (Singapore) commented on the rebates that were included.
“Rather than reduce taxes such as the GST or the higher personal tax rates, the use of a comprehensive package of rebates and subsidies in this year's Budget is consistent with the government’s traditional approach to direct its assistance to the lower income groups that need the most help," How said.
The Productivity and Innovation Credit scheme brought some favorable reviews as well. Elaine Ng, Tax Partner, PwC Services LLP (Singapore) noted that the Government has reacted quickly and positively to feedback given to enhance the Productivity and Innovation Credit Scheme, and not just to increase the amounts but also the burden of administration.
“This should please the SMEs which were the target of the scheme,” she said.
There were other notable areas including the fact that the Offshore Specialised Risks Incentive Scheme, which is due to expire on 31 Aug 2011 was extended and expanded by the Finance Minister. This scheme is targeted at expanding Singapore as a hub for the writing of certain specialised lines of business, such as terrorism risks, political risks, energy risks, aviation and aerospace risks, and now, agriculture risks. It grants a total exemption to approved insurers on specified income earned from accepting offshore risks of the particular approved specialised line of business.
The overall reaction to the budget was favorable. Alan Ross, Tax Partner, PwC Services LLP (Singapore) even went so far as to say it was “Obama’s envy' – A proliferation of goodies for Singaporeans.”
PwC: Numerous Responses to Singapore Budget 2011
The Singapore Budget 2011 was delivered Feb 18 by Finance Minister, Tharman Shanmugaratnam and it drew several responses from PwC experts. Gautam Banerjee, Executive Chairman, PwC LLP (Singapore)said it was a budget with something for everyone, and lots more for the low income. He noted that it aimed to share the largesse of government surplus with people at the bottom while at the same time, helping to raise productivity across the board and sharpen the competitiveness of several priority sectors. On the whole, Shanmugaratnam saw it as a smart and strategic move to help Singapore stay relevant and compete on an advantageous footing against other economies.
Koh Soo How, Tax Partner, PwC Services LLP (Singapore) commented on the rebates that were included.
“Rather than reduce taxes such as the GST or the higher personal tax rates, the use of a comprehensive package of rebates and subsidies in this year's Budget is consistent with the government’s traditional approach to direct its assistance to the lower income groups that need the most help," How said.
The Productivity and Innovation Credit scheme brought some favorable reviews as well. Elaine Ng, Tax Partner, PwC Services LLP (Singapore) noted that the Government has reacted quickly and positively to feedback given to enhance the Productivity and Innovation Credit Scheme, and not just to increase the amounts but also the burden of administration.
“This should please the SMEs which were the target of the scheme,” she said.
There were other notable areas including the fact that the Offshore Specialised Risks Incentive Scheme, which is due to expire on 31 Aug 2011 was extended and expanded by the Finance Minister. This scheme is targeted at expanding Singapore as a hub for the writing of certain specialised lines of business, such as terrorism risks, political risks, energy risks, aviation and aerospace risks, and now, agriculture risks. It grants a total exemption to approved insurers on specified income earned from accepting offshore risks of the particular approved specialised line of business.
The overall reaction to the budget was favorable. Alan Ross, Tax Partner, PwC Services LLP (Singapore) even went so far as to say it was “Obama’s envy' – A proliferation of goodies for Singaporeans.”
