Welcome & Blogging with TASK

Friday 12 June 2020 - Supplementary Budget 2020

What does it mean for your business?

As your business deals with new challenges and complexities, how can you stay nimble and embrace transformation to take advantage of emerging growth opportunities?

Budget 2020 introduces new measures and initiatives to help businesses develop new capabilities, deal with short-term challenges and set the stage for long-term growth.

Find out more.

 

Supplementary Budget 2020

Announced on 26 Mar, 6 Apr and 26 May

 

Special Situation Fund for Startups (SSFS)

  • Financing support for promising early-stage to late-stage startups with strategic capabilities that can contribute to Singapore’s national priorities.
  • EDBI and SEEDS Capital will invest in selected startups with private sector co-investors on a 1:1 basis.
  • Scheme will end when the funds are fully committed or by 31 October 2021, whichever is earlier.

READ MORE

Digital Resilience Bonus

  • Support for businesses to improve competitiveness and productivity through digitalisation, and adapt to safe management practices.
  • As a pilot, the Bonus will target businesses in F&B and Retail that are most affected by safe distancing requirements.
  • Eligible businesses will receive up to S$10,000 if they adopt baseline digital solutions such as PayNow Corporate and e-invoicing, as well as digitalise business processes, create online channels and implement data mining and analytic solutions.

For more information, please contact IMDA at info@imda.gov.sg.

Enterprise Development Grant (EDG)

SUPPLEMENTARY BUDGET
  • Maximum support level will be raised from 70% to 80% from 1 April 2020 to 31 December 2020.
  • For firms that are most severely impacted by COVID-19, the maximum support level can be further raised to 90% on a case-by-case basis.
  • Unionised enterprises and e2i partners under the Labour Movement are eligible to receive an additional 10% funding support, subject to NTUC e2i’s assessment.

READ MORE

Productivity Solutions Grant (PSG)

  • Greater support for more sector-specific solutions and a wider range of pre-scoped solutions for businesses beyond IT solutions and equipment.
  • Expanded scope to include job redesign consultancy services.
SUPPLEMENTARY BUDGET
  • Maximum support level will be raised from 70% to 80% from 1 April 2020 to 31 December 2020.
  • Expanded scope of solutions to help enterprises implement COVID-19 business continuity measures:
    • Online collaboration tools
    • Virtual meeting and telephony tools
    • Queue management systems
    • Temperature screening solutions

READ MORE

SG Together Enhancing Enterprise Resilience (STEER) Programme

  • Programme will support funds set up by the Trade Associations and Chambers (TACs) or industry groupings1, with the aim of helping businesses tide over the challenges arising from COVID-19, and to push on with transformation efforts in preparation for the economic recovery.
  • Supportable uses of the fund include grants for business sustenance, business growth, and capability upgrading.
  • Valid from 3 March 2020 to 2 March 2021.
SUPPLEMENTARY BUDGET
  • From 1 April 2020, Enterprise Singapore will match S$1 for every S$2 raised by such industry-led initiatives, up to S$1 million per fund.

For more information, contact us at enquiry@enterprisesg.gov.sg

1 An industry grouping is defined as a group of at least five companies collaborating to set up a fund, with an independent legal entity set up and an independent 3rd party secretariat supporting the management of the fund.

Enterprise Financing Scheme – SME Working Capital Loan (EFS WCL)

  • SMEs will receive greater financing support to bridge their working capital gaps.
SUPPLEMENTARY BUDGET
  • Maximum loan quantum will be raised from SS$600,000 to S$1 million.
  • Risk-share from Government will be increased to 90% from 80% (previously at 50-70%)
  • Valid from 8 April 2020 to 31 March 2021
  • SMEs may request for deferment of principal repayment for one year, subject to assessment by participating financial institutions.

READ MORE

Enterprise Financing Scheme – Trade Loan (EFS TL)

SUPPLEMENTARY BUDGET
  • Maximum loan quantum will be increased from S$5 million to S$10 million.
  • Risk-share from Government will be increased to 90% from 80% (previously at 50-70%)
  • Valid from 8 April 2020 to 31 March 2021

READ MORE

Temporary Bridging Loan Programme (TBLP)

  • Financing support to alleviate cashflow needs of enterprises affected by the COVID-19 outbreak.
SUPPLEMENTARY BUDGET
  • Programme will be expanded from the tourism sector to all sectors from 1 April 2020.
  • Maximum loan quantum will be increased from S$1 million to S$5 million, with interest rate capped at 5% per annum.
  • Risk-share from Government will be increased from 80% to 90%
  • Valid from 8 April 2020 to 31 March 2021
  • SMEs may request for deferment of principal repayment for one year, subject to assessment by participating financial institutions.

READ MORE

Loan Insurance Scheme

SUPPLEMENTARY BUDGET
  • Increased support for the LIS insurance premium from 50% to 80%.
  • Valid from 1 April 2020 to 31 March 2021.

READ MORE

Thursday 11 June 2020 - Singapore Budget 2020 : Go Global

What does it mean for your business?

As your business deals with new challenges and complexities, how can you stay nimble and embrace transformation to take advantage of emerging growth opportunities?

Budget 2020 introduces new measures and initiatives to help businesses develop new capabilities, deal with short-term challenges and set the stage for long-term growth.

Find out more.

GlobalConnect@SBF

  • The initiative will scale up Singapore Business Federation’s capabilities and resources in Singapore and overseas to facilitate market access for companies through market advisory and in-market business connections for Singapore companies.

Launching in April 2020. For more information, please contact GlobalConnect@SBF at globalconnect@sbf.org.sg or at +65 6701 1133

Grow Digital

  • Business can get a headstart in going global. Get support to leverage digital platforms and channels for access to a larger pool of consumers overseas, and to test new markets. Businesses will also receive training and support to enhance their e-commerce capabilities.

More details will be announced in Q2 2020.

Market Readiness Assistance (MRA) Grant

  • Companies can look forward to support for in-depth FTA consultancy and overseas business development. To support more local companies to go overseas, the grant will be enhanced:
    • Removal of the cap on two applications per company per year.
    • Grant cap will be increased from S$20,000 per year, to S$100,000 per new market over three years.
    • 70% support level will be extended by three years to 31 March 2023.

READ MORE

Double Tax Deduction for Internationalisation (DTDi)

  • DTDi will be extended by five years to 31 December 2025. The scheme will be expanded to include:
    • Support for third party consultancy costs to identify suitable talent and build business networks.
    • Broadened scope of overseas business mission support.

READ MORE

Global Ready Talent Programme (GRT)

  • Additional funding will be allocated to support a greater number of overseas internship placements in ASEAN, China and India.
  • For overseas internships, the fixed monthly subsistence allowance will be increased from S$600 to S$800.
  • Additional funding support of up to S$800 will be provided to students on internships to cover pre-trip administrative travel expenses.

Effective from Q2 2020. For more information on the GRT, visit www.enterprisesg.gov.sg/GRT.

Wednesday , 10 June 2020 - Singapore Budget 2020 : Access Financing

What does it mean for your business?

As your business deals with new challenges and complexities, how can you stay nimble and embrace transformation to take advantage of emerging growth opportunities?

Budget 2020 introduces new measures and initiatives to help businesses develop new capabilities, deal with short-term challenges and set the stage for long-term growth.

Find out more.

Temporary Bridging Loan Programme (TBLP)

  • Financing support to alleviate cashflow needs of enterprises affected by the COVID-19 outbreak.
SUPPLEMENTARY BUDGET
  • Programme will be expanded from the tourism sector to all sectors from 1 April 2020.
  • Maximum loan quantum will be increased from S$1 million to S$5 million, with interest rate capped at 5% per annum.
  • Risk-share from Government will be increased from 80% to 90%
  • Valid from 8 April 2020 to 31 March 2021
  • SMEs may request for deferment of principal repayment for one year, subject to assessment by participating financial institutions.

READ MORE

Enterprise Financing Scheme – SME Working Capital Loan (EFS WCL)

  • SMEs will receive greater financing support to bridge their working capital gaps.
SUPPLEMENTARY BUDGET
  • Maximum loan quantum will be raised from SS$600,000 to S$1 million.
  • Risk-share from Government will be increased to 90% from 80% (previously at 50-70%.
  • Valid from 8 April 2020 to 31 March 2021.
  • SMEs may request for deferment of principal repayment for one year, subject to assessment by participating financial institutions.

READ MORE

Enterprise Financing Scheme – Trade Loan (EFS TL)

SUPPLEMENTARY BUDGET
  • Maximum loan quantum will be increased from S$5 million to S$10 million.
  • Risk-share from Government will be increased to 90% from 80% (previously at 50-70%)
  • Valid from 8 April 2020 to 31 March 2021

READ MORE

Loan Insurance Scheme

SUPPLEMENTARY BUDGET
  • Increased support for the LIS insurance premium from 50% to 80%.
  • Valid from 1 April 2020 to 31 March 2021.

READ MORE

Section 13H and the Fund Management Incentive 

  • Section 13H (S13H) and the Fund Management Incentive for S13H approved funds (FMI) aim to encourage investments into Singapore based companies and startups.
  • Both will be extended by five years to 31 December 2025.
  • New enhancements will further encourage investments into unlisted Singapore-based enterprises (including startups), by streamlining the qualifying investment criteria and expanding the scope of incentivised income streams and legal structures.

Effective from 1 April 2020. More details will be announced in March 2020.

Wednesday , 03 June 2020 - Singapore Budget 2020 : Strengthen Business Ecosystem

What does it mean for your business?

As your business deals with new challenges and complexities, how can you stay nimble and embrace transformation to take advantage of emerging growth opportunities?

Budget 2020 introduces new measures and initiatives to help businesses develop new capabilities, deal with short-term challenges and set the stage for long-term growth.

Find out more.

Special Situation Fund for Startups (SSFS)

  • Financing support for promising early-stage to late-stage startups with strategic capabilities that can contribute to Singapore’s national priorities.
  • EDBI and SEEDS Capital will invest in selected startups with private sector co-investors on a 1:1 basis.
  • Scheme will end when the funds are fully committed or by 31 October 2021, whichever is earlier.

READ MORE

SME Centre Enhancement – Partners for Business Growth

  • Pilot initiative for enterprises that demonstrate ability to accelerate growth and are keen to transform their business in areas such as digitalisation, talent development and internationalisation.
  • SME Centres will partner these enterprises to jointly develop business plans and support implementation efforts.
  • Pilot run will commence in Q3 2020.

Make an appointment with business advisors at SME Centres to access business advisory, capability workshops and group-based upgrading projects.

READ MORE

Executive-in-Residence

  • Support for trade associations and business chambers to engage experienced professionals who have the expertise to assist companies and industries in business transformation, capability building, and internationalisation efforts.

The programme is open for application. For more information, contact enquiry@enterprisesg.gov.sg.

GoBusiness Licensing Portal and E-Adviser

  • Businesses can look forward to simpler, faster and better processes when transacting with the Government through the GoBusiness portal.
  • The portal will provide a guided and streamlined journey for food services licensing applications, and will be expanded to cover other sectors.
  • An e-adviser will guide businesses in identifying the most relevant government assistance via a series of questions.

For more information, please contact MTI Pro-Enterprise Division at mti_pepsec@mti.gov.sg

Heartland Enterprise Upgrading Programme

  • Support for selected merchants associations in place-making, enterprise capability and workforce upgrading, and infrastructural improvements.

Launching by mid-2020.

SG Together Enhancing Enterprise Resilience (STEER) Programme

  • Programme will support funds set up by the Trade Associations and Chambers (TACs) or industry groupings1, with the aim of supporting other businesses in the wider business community to tide over the challenges arising from COVID-19, and to push on with transformation efforts in preparation for the economic recovery.
  • Supportable uses of the fund include grants for business sustenance, business growth, and capability upgrading.
  • Valid from 3 March 2020 to 2 March 2021.
SUPPLEMENTARY BUDGET
  • From 1 April 2020, Enterprise Singapore will match S$1 for every S$2 raised by such industry-led initiatives, up to S$1 million per fund.

For more information, contact us at enquiry@enterprisesg.gov.sg

1 An industry grouping is defined as a group of at least five companies collaborating to set up a fund, with an independent legal entity set up and an independent 3rd party secretariat supporting the management of the fund.

Global Trader Programme

  • Programme will be extended by five years to 31 December 2026.
  • The scope of qualifying trading income will be expanded to include income from structured commodity financing activities with effect from 19 February 2020.
  • With effect from 1 April 2021, liquefied natural gas will be incentivised no differently to other qualifying commodities in GTP.

READ MORE

Startup SG Equity

  • Programme will catalyse private sector investments into local-based deep-tech startups with strong IP and global potential.
  • Investment cap for deep-tech startups will be increased from S$4 million to S$8 million.
  • On top of partnering qualified third-party investors for co-investments, the Government will also invest in selected venture capital firms that will in turn invest in deep-tech startups.

READ MORE

Tuesday , 05 May 2020 - Singapore Budget 2020 : Improve Business Capabilities and Leadership

Budget 2020 Overview

What does it mean for your business?

As your business deals with new challenges and complexities, how can you stay nimble and embrace transformation to take advantage of emerging growth opportunities?

Budget 2020 introduces new measures and initiatives to help businesses develop new capabilities, deal with short-term challenges and set the stage for long-term growth.

Digital Resilience Bonus

  • Support for businesses to improve competitiveness and productivity through digitalisation, and adapt to safe management practices.
  • As a pilot, the Bonus will target businesses in F&B and Retail that are most affected by safe distancing requirements.
  • Eligible businesses will receive up to S$10,000 if they adopt baseline digital solutions such as PayNow Corporate and e-invoicing, as well as digitalise business processes, create online channels and implement data mining and analytic solutions.

For more information, please contact IMDA at info@imda.gov.sg.

Enterprise Leadership for Transformation (ELT)

  • One-year programme that supports business leaders of promising SMEs to acquire business growth and transformation capabilities through executive training, and to develop and implement a business growth plan.
  • Offers access to an alumni network for peer learning and collaboration.
  • ELT will be delivered by a network of knowledge partners, financial institutions, and experienced industry partners.

READ MORE

SkillsFuture Enterprise Credit

  • A one-off S$10,000 credit will help eligible employers cover up to 90% of out-of-pocket expenses for eligible enterprise or workforce transformation schemes.
  • Employers who have contributed at least S$750 Skills Development Levy (SDL) in total in the preceding 12 months and have at least three Singapore Citizens or Permanent Residents (SC/PR) employed in each of the preceding 12 months will automatically qualify for the credit and be informed.
  • Valid from 1 April 2020 to 30 June 2023.

READ MORE

Productivity Solutions Grant (PSG)

  • Greater support for more sector-specific solutions and a wider range of pre-scoped solutions for businesses beyond IT solutions and equipment.
  • Expanded scope to include job redesign consultancy services.
SUPPLEMENTARY BUDGET
  • Maximum support level will be raised from 70% to 80% from 1 April 2020 to 31 December 2020.
  • Expanded scope of solutions to help enterprises implement COVID-19 business continuity measures:
    • Online collaboration tools
    • Virtual meeting and telephony tools
    • Queue management systems
    • Temperature screening solutions

READ MORE

Enterprise Development Grant (EDG)

SUPPLEMENTARY BUDGET
  • Maximum support level will be raised from 70% to 80% from 1 April 2020 to 31 December 2020.
  • For firms that are most severely impacted by COVID-19, the maximum support level can be further raised to 90% on a case-by-case basis.
  • Unionised enterprises and e2i partners under the Labour Movement are eligible to receive an additional 10% funding support, subject to NTUC e2i’s assessment.
Monday , 1 Apr 2019 - Video Task 2 - Pointers to take note

Monday , 1 Mar 2019 - Video Task 1 - What is SALES

Monday , 18 Feb 2019 - Singapore Budget 2019

BUSINESSES SUPPORT

Scale-up SG Programme

New programme to help high-growth local firms innovate, grow, and internationalise

Innovation Agents Programme

Pilot for enterprises to tap on experienced industry experts for advice on innovation and commercialisation opportunities

SME Co-investment Fund III

$100 million investment by Government to catalyse private sector funding in SMEs that are ready to scale up Open Innovation Platform

Enterprise Financing Scheme

  • Streamlining of existing financing schemes to better support SMEs to access bank financing
  • Enhanced support for companies incorporated for less than five years
  • Extension of enhanced support for working capital to support SMEs, until 31 March 2021

SMEs Go Digital Programme

Expansion of Industry Digital Plans to more sectors, and more choices of preapproved digital solutions

Digital Services Lab

Pilot programme to address digitalisation challenges in services sectors, through collaboration with industry and research partners

Automation Support Package

Two-year extension to support businesses in deploying impactful and largescale automation technologies (until 31 March 2021)

One-stop Portal for Firms to transact with Government

Launch of pilot portal for the food services sector, to streamline regulatory touch-points with government, from up to 14 to 1

New Professional Conversion Programmes

Support for mid-career professionals to enter new growth areas, e.g. blockchain, embedded software development, and prefabrication

Career Support Programme

Two-year extension to provide wage support for companies that hire Singaporeans who are mature and retrenched, or in long-term unemployment (until 31 March 2021)

Enterprise Development Grant (EDG)

  • Include positive outcomes for workers, e.g. wage increases, for all EDG supported efforts starting from 1 April 2020
  • Three-year extension (until 31 March 2023) of enhanced support level of up to 70%, in view of foreign workforce policy changes

Productivity Solutions Grant

Three-year extension (until 31 March 2023) of enhanced support level of up to 70%, in view of foreign workforce policy changes

Career Support Programme

  • Two-year extension to provide wage support for companies that hire Singaporeans who are mature and retrenched, or in long-term unemployment (until 31 March 2021)
  • Ensuring that our firms and workers remain competitive and relevant
  • Expand scope to also support out-of-pocket cost for training, capped at $10,000
Thursday , 19 Feb 2018 - Singapore Budget 2018

1. Wage Credit Scheme

The Wage Credit Scheme (WCS), launched in 2013 and later extended in 2015 to help businesses cope with wage increases, will be lengthened to 2020 though the level of co-funding will be tapered.

It will provide co-funding of 20 per cent for 2018, 15 per cent for 2019 and 10 per cent for 2020. To be eligible, Singapore employees must be earning a gross monthly wage of up to S$4,000 and receive monthly pay rises of at least S$50.

 

2. Corporate Income Tax Rebate

The Corporate Income Tax (CIT) rebate will go up to 40 per cent of tax payable and capped at S$15,000 for the Year of Assessment 2018. This is a rise from the current 20 per cent of tax payable, capped at S$10,000. 

The rebate will also be extended for another year at a rate of 20 per cent of tax payable and capped at S$10,000. 

 

3. Productivity Solutions Grant (PSG)

To help businesses buy and use new solutions, existing grants supporting the adoption of pre-scoped, off-the shelf technologies will be streamlined into a single Productivity Solutions Grant (PSG). 

The PSG will provide funding support of up to 70 per cent of qualifying costs. Businesses can apply for the new grant through the Business Grants Portal (BGP), which will provide a list of supportable equipment and technology solutions relevant for their sectors, from April this year.

 

4. Intellectual property (IP)

The tax deduction on licensing payments for the commercial use of intellectual property (IP) will also be raised to 200 per cent, capped at S$100,000 of licensing payments per year.

Next, to support businesses to build their own innovation, the tax deduction for IP registrations fees will be doubled to 200 per cent. This will be capped at S$100,000 of IP registration fees per year. 

The tax deduction for qualifying expenses incurred on research and development (R&D) done in Singapore will also be raised to 250 per cent, from 150 per cent. The change will take effect from YA2019 to YA2025.

 

5. Open Innovation Platform

To help businesses find partners to co-create solutions, a virtual crowd-sourcing platform called the Open Innovation Platform will be piloted this year. 

This will be a platform for companies to list specific challenges that can be addressed by digital solutions, said Mr Heng. They will then be matched with info-communications and technology (ICT) firms and research institutes to co-develop solutions. 

 

6. Aviation Transformation Programme (ATP) and a Maritime Transformation Programme (MTP)

An Aviation Transformation Programme (ATP) and a Maritime Transformation Programme (MTP) will also be launched this year to strengthen Singapore’s status as an air and sea hub. 

The Government will provide support of up to S$500 million for the two programmes, with additional matching investments expected from industry partners. 

 

7. National Robotics Programme

In addition, the National Robotics Programme, first launched in 2016, will be expanded to encourage wider use of robotics in the built environment sector, particularly in construction. 

“We have built a strong research and knowledge base in our universities and A*STAR institutes, which provides a solid foundation for an innovative economy,” said Mr Heng, who added that public sector R&D spending has been sustained at 1 per cent of GDP annually to maintain this competitive edge. 

“We have various programmes to translate our public sector research efforts into commercially viable applications, and we will build on these,” he added. 

The fostering of pervasive innovation in the economy was mentioned by Mr Heng in his Budget statement as one of the three key enablers that lay the foundation for all Industry Transformation Maps (ITMs) and must be strengthened.

 

8. EDG

The EDG is made up of two existing grants – SPRING Singapore’s Capability Development Grant (CDG) and IE Singapore’s Global Company Partnership Grant (GCP). It will provide funding support for up to 70 per cent of qualifying costs from financial year 2018 to 2019.

Businesses can apply for the EDG through the Business Grants Portal from the fourth quarter of 2018. Before then, businesses can continue to apply for the existing CDG and GCP grants through the portal.

SPRING and IE will also merge in April to form a new statutory board under the Ministry of Trade and Industry

 

9. Double Tax Deduction for Internationalisation (DTDi)

To support firms in internationalising, the Double Tax Deduction for Internationalisation (DTDi) will be further enhanced.

The S$100,000 expenditure cap for claims without prior approval will be raised to S$150,000 per year of assessment (YA). The tax deduction is for eligible expenses for supported market expansion and investment development activities.

This change will apply to qualifying expenses incurred on or after YA2019.

More details of the changes can be expected in April this year from IE and Singapore Tourism Board.

 

 10. Start-up Tax Exemption (SUTE) and the Partial Tax Exemption (PTE)

To start, tax exemption for both schemes will be restricted to the first S$200,000 of chargeable income.

For SUTE, the 100 per cent exemption for the first S$100,000 of normal chargeable income will be adjusted downwards to 75 per cent.

The next chargeable income which qualifies for a 50 per cent exemption has been revised downwards from S$200,000 to S$100,000.

For PTE, the 75 per cent exemption on the first S$10,000 of normal chargeable income stays.

However, the next chargeable income that qualifies for a 50 per cent exemption has been lowered from S$290,000 to S$190,000.

For a taxable income of S$100,000, the effective corporate tax rate is 4.3 per cent for start-ups and 8.1 per cent for older firms, as compared to the headline rate of 17 per cent.

 

Source from : https://www.channelnewsasia.com/news/singapore/live-blog-budget-2018-finance-minister-heng-swee-keat-9961086

Thursday , 7 Dec 2017 - GST Hike From 7% - 9%

SINGAPORE — A DBS research report published on Tuesday (Nov 28) expects the government to raise the goods and services tax (GST) from 7 per cent to 9 per cent in next year’s Budget.

And the projected hike is likely to be staggered over the next two years, said the report by DBS senior economist Irvin Seah.

Mr Seah estimated that a 1-percentage-point increase in GST would bring in an additional S$1.6billion to S$1.8billion in tax revenue for the government — equivalent to 0.4 per cent of Singapore’s nominal gross domestic product.

“Hiking the GST is politically challenging given its regressive nature. In this regard, timing is crucial. With the next General Election (GE) due (by January 2021), policymakers will have to act fast… the GST is perhaps the most direct and effective tool in terms of raising tax revenue,” Mr Seah said.

Senior Minister of State (Finance) Indranee Rajah told the Straits Times in an interview published on Sunday that the Government has not decided on the date of the impending tax hike. She added that the Government will take into account factors such as setting aside enough time for people to absorb the news, and ensuring the needy “have enough buffer” against the impact.

Speaking to TODAY, Mr Seah said he expects the GST hike to be announced during the Budget statement – which is traditionally delivered in February or March – and implemented in the second half of next year.

Source from :https://www.todayonline.com/singapore/gst-could-be-raised-9-budget-2018-dbs-report

Thursday , 6 April 2017 - Singapore Budget 2017

During his Budget speech (20 Feb), Finance Minister Heng Swee Keat spelt out his strategies for managing the transition in the business sector to achieve an innovativeand connected economy in Singapore.

He noted that instead of general stimulus, there is a need to focus on specific issues faced by the companies given the uneven performance of the different sectors.

Minister said that it is mandatory for business firms and sectors that are doing well to focus on the long term and build on the momentum to seize new opportunities. For sectors that are facing cyclical weaknesses, they have come up with new specific measures such as the Bridging Loan for Marine and Offshore Engineering companies, which provide access to working capital to help them bridge short-term cash flow gaps.

Deferring Foreign Working Levy (FWL) Increases

Minister Heng announced the deferment of the increase in Foreign Worker Levy (FWL) in both the Marine and Process sectors by one more year.

Accelerating Infrastructure Projects

The Government will bring forward $700 million worth of public sector infrastructure projects to start in FY2017 and FY2018. The construction firms will be able to bid for and participate in these projects, including the upgrading of the community clubs and sports facilities.

Enhance “Adapt and Grow”

The Government will strengthen support for the “Adapt and Grow” initiative launched by Ministry of Manpower (MOM) last year to support workers who are looking to take on new jobs.

The Government will also increase wage and training support provided under the Career Support Programme, the Professional Conversion Programme, and the Work Trial Programme.

Additionally, the Government will introduce an “Attach and Train” initiative for companies to send their participants for training and work attachment. This initiative helps sectors that have good growth prospects, but where the companies are not ready to hire new employees.

An additional annual sum of up to $26 million will go towards supporting these initiatives.

Continuation of Measures to Support Businesses

The Government will continue to support the business sector through three existing schemes, namely, the Wage Credit SchemeSpecial Employment Credit, and SME Working Capital Loan.

“The Wage Credit Scheme will continue to help firms to cope with rising wage. We expect to pay out over $600 million to businesses this March. Roughly 70% of this amount will be to SMEs” Minister Heng said.

On the Special Employment Credit, the Government will continue to support employers to provide for the wages of older workers till 2019. Also, over $300 million will be paid out in FY2017, which will benefit 370,000 workers.

Since the launch of the SME Working Capital Loan in June 2016, it has catalysed more than $700 million of loan. The Government will continue to make the loan available for the next two years, where the Government co-shares 50% of the default risk for loans of up to $300,000 per SME.

Budget 2017 also introduced two new measures to support firms.

Enhancement of Corporate Income Tax (CIT) Rebate

The Government will further enhance the CIT rebate by increasing the cap to $25,000 (previously from 20,000) for YA2017. The rebate remains at 50% of tax payable.

Also, the Government will extend the CIT rebate for another year to YA2018, at a reduced rate of 20% of tax payable and capped at $10,000.

Extension of Additional Special Employment Credit

With effect from 1 July 2017, MOM will increase the re-employment age from 65 to 67 years. This is to encourage firms to hire older workers.

The Government will extend the Additional Special Employment Credit till the end of 2019. Under this scheme, employers will receive wage offsets of up to 3% for workers who earn under $4,000 per month, and who are not covered by the new re-employment age of 67 years old.

120,000 workers and 55,000 employers are expected to benefit from the scheme which will cost approximately $160 million.

The introduction of the new measures and the improvements of the existing schemes will provide businesses with support of over $1.4 billion over the next year.

Source from : https://www.reach.gov.sg/participate/discussion-forum/2017/02/20/budget-2017-managing-the-transition

Thursday , 25 August 2016 - Reasons To Start Business

10 Great Reasons to Start a Business in 2016

According to a LinkedIn survey conducted in 2013, small and medium businesses contribute $5.5 trillion in annual revenue to the revenue of United States with over $1 million small and medium businesses in North America using social media. Also, 3 out of 5 SMBs said that social media helped them gain new customers. 

With more and more people joining various social media networks, it’s a great tool to use for starting a business. If the statistics are not enough to convince you and you are still rethinking this idea, here are 10 more great reasons to start a business this year. 

1. You have identified a need or a problem.

The business you wish to start may be what the world needs. Therefore, don’t underestimate what it can provide to your customers and the impact it can have on the community and society. Most entrepreneurs are motivated of their desire to change the world. While your business may not exactly change it in a major way, the fact that it will be existent to solve a problem and to make people’s lives better is already your own way of contributing to the world.

2. A business is one way to have job security 

If you’ve ever experienced being laid off, fired, or downsized, you’ll have an idea how scary it can be to lose your job and not now when you’ll land one again. If you start a business, you’re secured since you are the boss. You’re the one who has control over everything so you don’t have fears of being let go. For as long as you can keep your customers happy, your business will stay. Not only that; you’ll also be financially independent.

3. You can make use of your network. 

Your circle of friend, family, relatives, and even acquaintances can be your first customers. The moment you become a business owner, they’ll be with you as you take on one of the most challenging journeys of your life. They’re the perfect people to support you as you grow to be an experienced entrepreneur.

4. You can take advantage of government grants for entrepreneurs.

The Singapore government and its associated agencies can provide you with a grant to help support you as you start your business. The grant can help you to grow your business quickly without worrying about where to get the cash.

5. It’s a great way to start building your legacy.

What do you want to leave behind to the people you love? Maybe it’s a house or a fat bank account. But more than material possessions, you want to leave them something that you’ve put all of your heart on – your business. Also, as you become an expert in your field, you will talk to a lot of people and maybe even teach some of them. Helping those who are just starting out reach their goals will give you unmatched satisfaction. The lessons you’ve thought them will be remembered even after you’ve left the earth. And nothing can match that kind of legacy.

6. It helps you chase your dreams and passion.

Working a day job may help you reach your dreams after couple of years. However, if you want to get there faster, the best way to do it is to start a business. Additionally, if you’re someone who is naturally passionate about entrepreneurship, having your own business is a great way to develop your skills while doing something you really love. Furthermore, you can delegate those tasks you don’t wish to handle yourself to people you trust in your team. This way, you can focus on the areas which are important to you.

7. It’s a way to make your spare time after work count.

If you’re thinking of a profitable way to spend your spare time, a business is the answer. While some people relax and pursue their hobbies (which is nice and good for them), you can spend it doing something that you enjoy while earning money at the same time – starting a business.

8. You have more control in a proposal or business strategy.

If you’ve worked for a horrible boss who won’t even listen to what you have to say (and he or she may not even remember your name), starting your own business is the best way to be the kind of boss people would love to work for. Also, since you’re the boss already you get the chance to implement any business strategy you have in mind. You also have control over the business proposals. What could be better than that? 

9. You have flexible time.

If you want to go on vacation, attend to your family or kid, be at your doctor’s office for an appointment, or just stay at home to catch up on sleep, you have flexibility to do it all when you’re a business owner.

10. It’s a personal fulfillment.

Building your own business allows you to feel satisfaction over time. It makes you realize how you were able to surpass all challenges that come with starting a business, making you feel proud of your efforts and hard work. Nothing beats thatfeeling you’ll have when you see something you started grow each day and started impacting people’s lives. 

Thursday, 7 April 2016 - Inaccurate Financial Reporting In SME

What Are the Dangers of Inaccurate Financial Reporting IN SME companies?

The bad numbers that are the result of inaccurate financial reporting lead to bad decision-making. For many small businesses that are too small to hire a full-time accountant, inaccurate reporting may be difficult to ferret out. The owner may accept the reports on face value, which will distort his ability to track income and expenses as well as to budget accurately. Miscalculating profit is detrimental whether the number is too low or too high. If profit is reported too low, it will result in the company being undervalued. If profit is reported too high, the consequence will be high tax liability.

https://smallbusiness.chron.com/dangers-inaccurate-financial-reporting-79357.html

Thursday , 10 Dec 2015 - Merry Christmas 2015

Our company wishes our customers and everyone a early merry Christmas. Thanks for supporting us. We have added snow effect on our site. 
Head down to www.task.com.sg for tax and accounting services for year end closing right now.

Thursday , 8 Oct 2015 - Smart Nation

Singapore is building the world’s first Smart Nation, using technology to improve the quality of life .

Singapore is building the world’s first Smart Nation, using technology to enhance citizen-centric services to improve the quality of life for individuals and business productivity for enterprises. This will be reinforced with the enablement of hyper-connectivity and increased use of data.

In a Smart Nation, companies will also have new and more opportunities to be more productive, expand and grow.

SMEs will play a key role in joint development and delivery of these services to citizens and communities. SMEs can apply for schemes such as IRAS’ Productivity and Innovation Credit (“PIC”) or find out other government assistance and grant on EnterpriseOne Portal.

https://www.ida.gov.sg/Programmes-Partnership/Small-and-Medium-Enterprises

Wednesday , 18 Sep 2015 - Singapore Good For Business Setup
Singapore has ranked number 1 in doing and rank 6 for setting up business with ease. What are you waiting for?

Guide on how to set up business in singapore, more information on in-corp. Visit www.task.com.sg for incorporation , grant services and others.

https://www.doingbusiness.org/rankings

Wednesday , 26 Aug 2015 - SME 500 awards

Setup a company and strive for the promising SME 500 awards.

Guide on how to set up business in Singapore. for more information on in-corp.. Visit www.task.com.sg for incorporation , grant services and others.

About The Awards

The Promising SME 500 Campaign was spearheaded to recognize the exceptional achievements of business men and women in Singapore, highlighting their commercial success and also recognizing their contributions to the economy and the community at large. This campaign also serves as a platform to inspire aspiring entrepreneurs to likewise pursue their dreams and ultimately to create a sustainable entrepreneurial culture in our nation.

Monday , 13 July 2015 - Be Your Boss

Be your own boss. Even big4 employees turning to entrepreneur.

Visit www.task.com.sg for incorporation solutions.

Careers of fathers and sons rarely move in tandem. Rare, therefore, is Mumbai’s Purandare family where father Jairaj and son Varun have both hit the entrepreneurial track at the same time. Varun, a 25-year old Yale graduate, is busy with his tech startup out of San Francisco in the US, having quit his job with management consultants Booz.

In India, Varun’s dad has turned entrepreneur in his mid-fifties, opting out of a career with large global audit and advisory firms. This story is abo .. 

https://m.economictimes.com/small-biz/entrepreneurship/why-senior-professionals-are-bidding-adieu-to-the-big-4-like-pwc-kpmg-turning-entrepreneurs/articleshow/48035011.cms

Wednesday , 8 July 2015 - Be A Doer , Not Dreamer
A lot of people have good business ideas that they plan on executing, but they make these plans conditional on some catalytic event, ie a perfect time to make this happen. In reality, there is no perfect time to do things. That’ why you should be proactive. Be a doer, not a dreamer.
1.Don’t be stuck in a comfortable routine
Many people get caught in their own routine. They get up in the morning, drive to work, return home in the evening, have dinner, watch TV, and go to sleep. They repeat this process every day, comfortable with the routine — and the check they receive every other week.

This sort of mentality is counterproductive to advancing in life. And isn’t exciting either. You should always look for ways to improve your life, replace your comfortable routine with something exciting. Starting your own business is a way to go.

2. Always search for new business opportunities
A lot of people have good business ideas that they plan on executing, but they make these plans conditional on some catalytic event, ie a perfect time to make this happen. In reality, there is no perfect time to do things. That’ why you should be proactive. Be a doer, not a dreamer.
4. Do whatever it takes

Don’t let small roadblocks stop you.Stick with the business idea, and execute. Take the steps that will turn your idea into a real business. That’s all that matters in the end — but it isn’t easy. It takes patience, persistence and discipline to stay focused — patience to overcome the hurdles that stand between you and your goal; persistence to overcome the failures, setbacks, and temptations that may take you off course; and discipline to play the game right.

5. Have the right reasons to start a business

There is a misconception that business owners make more money and work less than people who work for somebody else. That’s not true, at least in the beginning.  Besides, these are the wrong reasons to go into business. The right reason is to develop a product or a service that make a difference in people’s lives, as Steve JobsBill Gates and many other celebrated entrepreneurs did in the past. And most important of all, you should enjoy what you are doing.

6. Be self-motivated

When you are a worker, somebody else—your boss — has defined the work to be done. That person tells you what to do and when to do it, and keeps up with deadlines. When you are the boss, you must do all these things. That’s why you should be self-motivated, know what you are doing, be punctual, and work out all the details.

7. Get in the right psychological state

 

Put yourself through a ruthless psychological test to discover your inner deficiencies, and do what you must to get rid of them before they pollute your relations with partners, associates and subordinates. True leadership begins within, as I discuss in an upcoming book The Ten Golden Rules Of Leadership which I co-authored with Mike Soupios.
Contact Us
Total Accounting Solutions Knowledge

Golden Mile Complex
#08-11
Singapore 199588
Tel : 93556401

Opening Hours :
8.30am – 6.30pm ( Mon – Fri)

Copyright © 2015 Total Accounting Solution Knowledge Pte Ltd. All Right Reserved | Sitemap