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SINGAPORE: MPs felt that this year's Budget has not addressed sufficiently the urgent need to retain top talent as well as attract those from overseas.
Speaking at the budget debate, Hong Kah GRC MP Alvin Yeo said that remuneration, being a key factor for this mobile group, clarity on issues like personal income tax would help.
He said: "The move to reduce corporate tax has created an anomaly between our corporate tax rate of 18% and our top marginal tax rate of 20%, which was not present before. Even when our corporate tax rate was cut from the high 20s in previous Budgets, a clear projection was given as to when our income tax rates would be brought into line with it. This is important as business people have a plethora of choices on the vehicle to carry out their business.
"If the plan is, as in the past, to harmonise the income tax with the corporate tax, then the business people will want to know and uncertainty is generally not a businessman's friend.
"Even if the anomaly with the corporate tax cannot be rationalised now, a clear statement that it is intended to do so and an approximate projection as to when this would be implemented would be useful to keep us ahead in the competition for talent."
Ahmad Magad, Chairman for Manpower GPC and MP for Pasir Ris GRC, said: "With Singapore rapidly transiting into a knowledge and technology-driven economy, the top end is particularly witnessing an increased shortage in talent. As an employer in the high tech sector, I can vouch for this.
"Not only am I getting lower and lower responses to job advertisements for key and professional positions, the expected compensation from those who responded has also increased significantly.
"The employment market has become much more dynamic and many companies are facing increased staff turnover and are struggling to retain their talent pool. We must ensure that sufficient opportunities are created for them or face the risk of losing them to foreign competitors." - CNA/ir
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