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EYEONECONOMY]ESC report were welcomed byVP Bank Singapore’s ManagingDirector, Reto Isenring, who saidthat the proposed plan to boostskills at every level resonates withall Singaporeans.“Human resource plays a vitalrole in Singapore's economy, andit is therefore not surprising thatthe government has been activelyencouraging Singaporeans toconstantly improve themselves byupgrading their education and skilllevels,” he said.FedEx Express South Pacifi c’sRegional Vice President, DavidRoss, said that he fully agreedwith the ESC recommendationthat “Singapore companiesmust go beyond what they havealready developed, and differentiatethemselves by extending theirexpertise and reaching new markets.”“We also support the ESC’s callfor local companies to innovate more,and for companies to do more to raisethe productivity and effi ciency of theiremployees,” he added.Budget deficitSingapore expects a smaller budgetdefi cit for the fi scal year starting April1, 2010. The government will, however,increase spending to raise productivity.The government expects a basicbudget defi cit of $7.2 billion, or 2.6per cent of GDP, for the fi scal yearbeginning April 2010, down from anestimated $8.5 billion, or 3.3 percent of GDP, last fi scal year.The basic budget defi cit excludestransfers by the government toendowment funds as well as netinvestment returns from the country’sreserves.The overall budget balance forFY2010/11 is an estimated defi cit of$3 billion, or 1.1 per cent of GDP, theSingapore fi nance ministry said.Consensus among economistsis that the 2010 Budget will becomethe main tool to drive Singapore’slonger term ambitions, as outlinedin the ESC report. DMG & Partnerseconomist Leng Seng Choon expectsthe Singapore government to continueits budget defi cit stance from 2009. +Budget 2010 at a glanceFinance Minister Mr Tharman Shanmugaratnam recently reaffi rmed the government’s commitment to helpgrowing companies expand their businesses and announced several measures to help them raise their levelof productivity. The following are highlights of the Budget:• $5.5 BILLION TO RAISEPRODUCTIVITYSingapore will commit S$1.1billion a year over the next fi veyears in the form of tax benefi ts,grants and training subsidies tosupport the national effort toraise productivity. The incentivesinclude allowing fi rms to claim taxdeductions of 250 per cent of theirexpenditure on activities such asdesign, training and automation,subject to a maximum of $300,000for each activity.• $1.5 BILLION TO HELPGROWING COMPANIESThe government will mobilise upto $1.5 billion of growth capital byseeding a range of funds over 10years. Up to half the money willcome from government coffers.• FOREIGN WORKER LEVYThe government will increase thelevy on low-skilled foreign workersover three years. The levy on workpermit holders will be raised by $10to $30 per worker per month onJuly 1, 2010, and will average aboutS$100 over three years.• PROGRESSIVE PROPERTY TAXThe government will introducea ‘progressive’ property tax onowner-occupied homes witha top rate of 6 per cent of theproperty’s annual value. Owners ofgovernment-built HDB apartmentsand owners of most private homeswill pay lower taxes under thenew formula.• WAGE SUBSIDYSingapore’s ‘Workfare IncomeSupplement’ scheme will also beextended to workers earning up to$1,700 a month from the current$1,500 a month. The enhancedworkfare scheme will cost thegovernment $100 million annuallyand benefi t around 400,000 lowwageworkers.• INDUSTRY INCENTIVESThe government renewedtax incentives for real estateinvestment trusts and aviationmaintenance, repair and overhaulto promote these industries.• NO TAX REBATESSingapore did not extend propertyand income tax rebates.• JOB CREDITSThe government will cut andeventually phase out a subsidypaid to employers to encouragethem to hire or retain Singaporecitizens or permanent residents.The job credit applies only toregular staff who make monthlycontributions to the CentralProvident Fund, the pension fund.14 [ APR/MAY/JUN 2010 BIZQ
Jointly organised by:INTERNATIONAL BUSINESS FELLOWSHIPExecutive Programme on Vietnam6 - 12 May 2010Vietnam is a promising emerging economy in Southeast Asia. Bilateral trade was $13 billionlast year and Singapore is Vietnam’s fifth-largest investor with investments of $24 billion in766 projects. With Vietnam aiming to become an industrialized nation by 2020, there areopportunities for businesses to leverage the country’s development as it works towards itsgoal. Learn first-hand about the country’s latest developments and the key challenges to lookout for, in order to thrive in this emerging market.International Enterprise (IE) Singapore and the Singapore Business Federation (SBF), together withVietnam National University, Hanoi School of Business (HSB) and University of Economics in Ho Chi MinhCity (UEH), invite you to attend the International BusinessFellowship (iBF) Executive Programme on Vietnam.SEMINAR DETAILSDate 6 – 12 May 2010To be conducted in Hanoi and Ho Chi Minh City, Vietnam, the programme isdesigned to provide participants with a comprehensive overview of Vietnam’sbusiness systems, practices and varied possibilities. Topics covered include:• Vietnam’s economic and business scenario• Government and politics in Vietnam• Vietnamese culture• Human resource issues in a competitive Vietnamese market• Business experiences in Vietnam• Opportunities in various industriesParticipants can look forward to company visits to gain practical insights onbusiness operations in Vietnam as well as networking opportunities with thespeakers, business experts and industry practitioners.THE PROGRAMME IS SUITABLE FOR:• Senior management from Singapore-based companies that have businessor seek to explore business opportunities in Vietnam• Senior offi cers from public sector organizations who support businessinitiatives that add value to Singapore and VietnamOnly 25 participants will be accepted for each programme and classplacements will be decided by IE Singapore / SBF.ABOUT THE INTERNATIONAL BUSINESS FELLOWSHIP PROGRAMMEIE Singapore’s International Business Fellowship Programme supportsSingapore-based companies in the training of company executives to acquirebusiness knowledge and build networks in the supported markets of CentralAsia, China, India, Latin America, the Middle East, Russia and Vietnam.Duration 6 daysVenue Vietnam National University,Hanoi School of Business (HSB),Hanoi, VietnamUniversity of Economics in Ho ChiMinh City (UEH), Ho Chi Minh City,VietnamEstimated S$1,050 per participant (after 70%Course FeeiBF Course fee support)* includeslecturers’ fees, Course Fee, coursematerials, daily lunch and over-landlocal transfers.Other Costs Airfare, accommodation, subsistenceallowance and other incidentalexpenses will be borne by participantsDress CodeLanguageBusiness casuals during lecturesBusiness attire (suit and tie forgentlemen) during site visitsCourse will be conducted in EnglishREGISTRATIONIf you are interested to attend the iBF ExecutiveProgramme on Vietnam, please contact the belowand submit your registration by Friday, 16 April 2010.For more information, please contact:Mr Alan TanMs Loong Lai YongTel: 65 6827 6894 Tel: 65 6827 6819alan.tan@sbf.org.sg laiyong.loong@sbf.org.sgPAYMENTPayment will be collected upon confi rmation ofplacement in the programme.TERMS AND CONDITIONSProgramme date, fees and details are correct attime of printing but are subject to change withoutprior notice.*Terms and conditions apply.DOUBLE TAX DEDUCTION SCHEME (DTD)*Eligible companies can apply to IE Singapore for doubletax deduction for travel and accommodation costs for upto 2 employees per participating company.For details, please refer to www.iesingapore.gov.sg/dtd.BIZQ APR/MAY/JUN 2010 ] 15
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Page 28 and 29: COVERSTORY]Singapore has rejuvenate
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Page 42: BOARDROOMTALK]MAKING GOODOF TOUGHBU

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