Jamus Lim on Business Trusts (Amendment) Bill

Making as many as possible asset management instruments available strengthens Singapore's relative attractiveness as an international financial and wealth management centre, says MP Jamus Lim. He said it will allow financial sector professionals and the population at large to "germinate" keener interest and understanding of the role of complex financial instruments. Speaking in Parliament on Monday (Oct 3), he highlighted ways that business trusts fit into the overall picture. He said while Singapore is no longer a developing country, its philanthropic culture still retains the vestiges of economies that are far less advanced. He suggested allowing the private and non-profit sectors to assume greater importance in financing various public expenditures. He asked if the tax structure could be further refined to provide additional incentives for business trusts to be involved in philanthropic activities.