Mariam Jaafar on Income Tax (Amendment) Bill
The proposed changes aim to use incentives to bolster Singapore’s economy and to support Singaporeans, said MP Mariam Jaafar. Speaking in Parliament on Tuesday (Oct 3), she believes the tax incentives to attract family offices from around the world and to develop Singapore's reputation as a regional philanthropy hub will help to catalyse much-needed investment. By absorbing risks, philanthropic capital can play a key role alongside development and public finance to mobilise private capital. For greater impact, collective action is needed of players across the finance and investment ecosystems to get more creative, try new approaches for accelerating investments to drive innovation, she said. She also sought clarifications on issues such as the approval of donors and recipients, level of oversight on the use of the philanthropic contributions, capacity and capability building, as well as impact tracking. Turning to self-employed persons, she said the new requirements should be seen as a way to make it easier for them to report their income tax and not something that is “out to catch them”. It is the Government’s responsibility to accurately assess the income tax of each hardworking Singaporean worker and be proactive and responsive to what the data is telling them about the worker's situation.
The proposed changes aim to use incentives to bolster Singapore’s economy and to support Singaporeans, said MP Mariam Jaafar. Speaking in Parliament on Tuesday (Oct 3), she believes the tax incentives to attract family offices from around the world and to develop Singapore's reputation as a regional philanthropy hub will help to catalyse much-needed investment. By absorbing risks, philanthropic capital can play a key role alongside development and public finance to mobilise private capital. For greater impact, collective action is needed of players across the finance and investment ecosystems to get more creative, try new approaches for accelerating investments to drive innovation, she said. She also sought clarifications on issues such as the approval of donors and recipients, level of oversight on the use of the philanthropic contributions, capacity and capability building, as well as impact tracking. Turning to self-employed persons, she said the new requirements should be seen as a way to make it easier for them to report their income tax and not something that is “out to catch them”. It is the Government’s responsibility to accurately assess the income tax of each hardworking Singaporean worker and be proactive and responsive to what the data is telling them about the worker's situation.
Popular Shows
