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Here's why businesses are down in the dumps after Budget 2017
There is an inadequate short-term support to lower compliance costs.
The Singapore Business Federation has raised their disappointment after Minister Heng Swee Keat's Budget 2017 failed to provide short-term measures to support the lowering of business and compliance costs.
SBF cited for instance that the deferment of foreign worker levies by one year for only the marine and process sectors should have been extended to other sectors which are still experiencing cost challenges. The institution also said there is an absence of measures on rental rebates for businesses in general.
SBF Chairperson S.S Teo said this year's Budget fell short of the group's expectations.
"However, we are confident that the Government is monitoring the situation very closely and will respond accordingly when the need arises. Also, SBF and the TACs look forward to working closely with the Government on the implementation of the remaining 17 ITMs,” he explained.
Despite this, SBF recognised the medium to long-term measures, namely in the areas of internationalisation, innovation and development of digital capabilities, which continue to pave the way for the future economy.
SBF-led SME Committee Chairperson Lawrence Leow said while this year's budget has a strong focus on preparing our SMEs for the future economy, the current business outlook remains challenging.
"The business community requires immediate stimulus. We hope to see more details shared at the Committee of Supply debate. The SME Committee will continue to provide the platform for Government and businesses to work together to transform our industries,” he noted.
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