Yip Hon Weng on Income Tax (Amendment) Bill
The incentives of higher tax deduction or a cash payout under the Enterprise Innovation Scheme to encourage businesses to engage in R&D and capability development may need to be reviewed to cater to a broader spectrum of businesses, said MP Yip Hon Weng in Parliament on Tuesday (Oct 3). He also asked if the quantum of expenditure could be revised upwards to attract higher-end and more advanced research that might cost more but also attract more talent. Mr Yip also raised concerns about plans to mandate the submission of income information by intermediaries for self-employed persons (SEPs). He wanted to know how the Government will ensure compliance and accuracy. Given the diversity of occupations and income streams among SEPs, he said, it will be crucial to prevent misuse or fraudulent claims. Mr Yip also reiterated concerns previously raised that changes in the Working Mother’s Child Relief Scheme could disincentivise higher-earning mums to consider having more children. He asked what steps have been taken to ensure that policy considerations and possible support measures have been communicated to the public. Mr Yip pointed out that while higher cash payouts might not be a factor for this group of mothers, “a right signal needs to be sent”.
The incentives of higher tax deduction or a cash payout under the Enterprise Innovation Scheme to encourage businesses to engage in R&D and capability development may need to be reviewed to cater to a broader spectrum of businesses, said MP Yip Hon Weng in Parliament on Tuesday (Oct 3). He also asked if the quantum of expenditure could be revised upwards to attract higher-end and more advanced research that might cost more but also attract more talent. Mr Yip also raised concerns about plans to mandate the submission of income information by intermediaries for self-employed persons (SEPs). He wanted to know how the Government will ensure compliance and accuracy. Given the diversity of occupations and income streams among SEPs, he said, it will be crucial to prevent misuse or fraudulent claims. Mr Yip also reiterated concerns previously raised that changes in the Working Mother’s Child Relief Scheme could disincentivise higher-earning mums to consider having more children. He asked what steps have been taken to ensure that policy considerations and possible support measures have been communicated to the public. Mr Yip pointed out that while higher cash payouts might not be a factor for this group of mothers, “a right signal needs to be sent”.
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