Pre-Budget 2017: Infographic

Pre-Budget 2017: Infographic

An overview of our findings and recommendations for Budget 2017.

An overview of our findings and recommendations for Budget 2017.

Building enterprises of the future

Focus groups and a poll of 123 companies told us that regardless of the downturn, businesses are already casting their eyes firmly on the future.

Double whammy of rising rental and manpower costs is one of the biggest bugbears.

"The Government should consider how to reduce high office rental costs in Singapore as a way to help companies expand their businesses and operations here. There is a constant struggle to put headcount in Singapore due to the high office rental costs." - a poll respondent

Despite the gloomy outlook, many are preparing for the turnaround with long-term growth plans.

"With its small domestic market, Singapore needs to develop a strong core of local enterprises that are anchored in Singapore while expanding abroad for growth." - Chiu Wu Hong, Head of Tax

The economic slowdown

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Firms worried about prospects

70% cite the global economic outlook as a major business concern.

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Rising costs a big concern

48% cite rising costs as a major business concern.

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Uncertainties abound

Several respondents flagged the rise of geo-political tensions as a source of concern, with worries that trade will decline.

Looking to the future

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Positioning for the long-term

36% want to create new products or services.

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Technology and innovation remain key

43% are concerned about competition and disruption, yet only 19% want more Government initiatives to deploy tech and raise productivity.

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Stepping out into the region

68% believe that the Government should help Singapore companies to internationalise and become globally competitive.

Transforming the economy: Three pillars of support

Supporting firms in the downturn

- Address manpower challenges

- Help with cost mitigation

- Boost investments

Embracing disruption, boosting innovation

- Support digitisation of businesses and labour

- New Innovation Tax Credit

- Attract IP to Singapore

Encouraging internationalisation, entrepreneurship

- Enhance support for overseas expansion

- Support Made-in-Singapore brands overseas

Pre-Budget 2017: Building enterprises of the future

Our observations and proposals on what can be done to help companies develop into enterprises of the future.

 
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Preparing for the innovation economy

A call to review our R&D tax incentive scheme.

 
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Tax

Attitudes to tax are changing.

 
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