Sharael Taha on Income Tax (Amendment) Bill

The Bill has changes that help align it better with Singapore’s policy objectives while improving its tax administration, said MP Sharael Taha. Speaking in Parliament on Tuesday (Oct 3), he said the introduction of the Enterprise Innovation Scheme will encourage more businesses to engage each other in innovation and capability development. He also believes the Philanthropy Tax Incentive Scheme for family offices will strengthen Singapore's position as a regional philanthropy hub and encourage family offices to anchor their operations here. He pointed out that businesses are facing immense challenges, such as rising cost of production and a tight labour market amid increasing global competition. Improving productivity and building capability, as well as nurturing and sustaining innovation are the lifeline to remaining relevant in the global market, he added. He also sought clarifications on the Bill. He wanted to know how effective Singapore’s tax incentives have been in developing new capability and R&D. He also asked how Singapore can ensure that its investments in skills will lead to higher productivity or capability development, and whether the list of qualified partners for support in innovation projects can be expanded.