Budget 2016: New initiatives to encourage Singaporeans to give back to community
From tax deductions to a new fund to catalyse ground-up projects, Budget 2016 introduces initiatives to encourage Singaporeans to help those in need.
Posted 24 Mar 2016 17:18
SINGAPORE: To encourage Singaporeans and businesses to give back to the community, Budget 2016 will introduce measures that encourage people to step forward and make it easier for employees to contribute through their workplaces, Finance Minister Heng Swee Keat announced on Thursday (Mar 24).
Currently, businesses receive a tax deduction of 250 per cent for donations of cash and in-kind donations such as computers to certain Institutions of a Public Character (IPCs).
To encourage employee volunteerism, a pilot Business and IPC Partnership scheme will be introduced. From Jul 1 this year until the end of 2018, companies that organise their employees to volunteer and provide services to IPCs, including secondments, will also receive a 250 per cent tax deduction on costs incurred.
This deduction requires the receiving IPC’s agreement, and is subject to a yearly cap of S$250,000 per business and S$50,000 per IPC, Mr Heng said.
The Community Chest’s monthly donation programme SHARE will also get a boost, with dollar-for-dollar matching from the Government for any additional donations over and above the FY2015 level. This will be done for the next three years, starting in April this year, Mr Heng said.
“Where businesses allow their staff to donate regularly, we will allow part of the matching funds to be used by them to organise corporate social responsibility activities,” he added.
COMMUNITY NETWORKS FOR SENIORS
A pilot initiative called the Community Networks for Seniors will be launched, comprising local stakeholders such as Voluntary Welfare Organisations, community volunteers, schools and businesses.
At its core, the network will have a small team of full-time officers, who will study the health and social needs of seniors and draw stakeholders together to provide coordinated support, Mr Heng said.
“We hope to help seniors discover health conditions earlier and manage them well, while connecting those who are healthy and mobile to a wide range of activities to encourage them to stay active, healthy and engaged in the community,” he said.
Seniors who require more help, such as frail elderly living alone, will get more targeted and coordinated health and social support under the networks.
CATALYSING GROUND-UP INITIATIVES
According to Mr Heng, the SG50 Celebration Fund – set up to support ground-up community projects in celebration of Singapore’s Jubilee year – received good response and supported close to 400 projects.
To continue supporting such initiatives, a new S$25 million Our Singapore Fund will be set up by the second half of this year.
“It is Our Singapore Fund because it is about how we all can come together in partnership to share our strengths, share our loves, create something more and better together, to build our Singapore together,” Mr Heng said.
The fund will support projects that build the spirit of caring and resilience, nurture our can-do spirit, and promote unity and our sense of being Singaporean, he added.
“This is the spirit of the society that we are building. It is one where we rise above our circumstances, to build a better life for ourselves and our children. It is a society that cares for those in need, and where those who are helped do their part to help others. It is a society that we are all proud to be a part of,” he said.
- CNA/cy
- wong chee tat :)
Showing posts with label budget. Show all posts
Showing posts with label budget. Show all posts
Thursday, March 24, 2016
Sunday, March 13, 2016
What to expect from a ‘prudent’ Budget 2016
What to expect from a ‘prudent’ Budget 2016
Finance Minister Heng Swee Keat has said the government will be “particularly prudent” with this year’s Budget.
By Tang See Kit, Channel NewsAsia
Posted 11 Mar 2016 09:17
SINGAPORE: Singapore’s Finance Minister Heng Swee Keat will deliver the annual Budget statement on March 24 and, as usual, expectations have been building in terms of how the Government will be charting the path for the year ahead.
For now, Mr Heng has revealed that the upcoming Budget will have a strong focus on the economy, while adding that the government is likely to be "particularly prudent".
Given that this year’s Budget is the first in the new government’s term in office, which means that surpluses generated from the previous term of government will be locked up as reserves, analysts are not surprised by the remarks on fiscal prudence.
“Moving into a new term, one would have to note that the government is starting with nothing, so any expectations of excessive expenditure, such as the social transfers and spending we’ve seen in the SG50 Budget, will need to be reined in,” said Mizuho Bank’s Singapore-based economist Vishnu Varathan, referring to the roll-out of the SkillsFuture programme last year and the generous Pioneer Generation Package from 2014.
Meanwhile, a darkening global economic outlook, fuelled by a slower-growing China, turmoil in financial markets and plunging commodity prices, is also threatening Singapore's trade-reliant economy. The government is predicting a modest 1.0 to 3.0 per cent growth for the economy this year.
“The upcoming Budget will be cautious, with the focus likely to be on building fiscal reserves to provide some fiscal buffer in case of external economic shocks over the medium-term outlook,” noted Rajiv Biswas, IHS Global Insight’s chief economist for Asia-Pacific.
KEY FOCUS AREAS IN A ‘GROUNDED’ BUDGET
As such, analysts are expecting a “grounded” Budget aimed at addressing the growth slowdown and helping businesses to cope with a deteriorating operating environment.
Meanwhile, if the economic headwinds intensify and hit growth, tax revenue will likely be reduced. Given that possibility, this year’s Budget is expected to be “focused and targeted”, said Liang Eng Hwa, chair of the Government Parliamentary Committee (GPC) for Finance and Trade and Industry.
“This is the first budget of the new government, and the Minister will want to save some resources should (the global economy) turn for the worse. Noting that there are lesser resources to be allocated, the Minister will have to see which groups need to be taken care of,” Mr Liang noted.
In particular, small and medium-sized enterprises (SMEs), which face increasing pressure from debt servicing, high rents and manpower costs amid a slowing economy, are likely to be singled out for targeted support.
“There will likely be a clear (differentiation) between SMEs and multinational companies (MNCs) so if any help is rendered, it will be towards the SMEs because they face the most difficulties during these times,” according to ANZ economist Ng Weiwen.
Mr Liang noted there are existing measures such as the Productivity and Innovation Credit (PIC) scheme that provide help to SMEs, so new measures in this year’s Budget may be unlikely. Instead, the government may opt to tweak and improve existing schemes so as to “reach out to more SMEs”.
On this, tax and accountancy firm PricewaterhouseCoopers (PwC) recommended earlier this month that enhancements should be made to the PIC scheme to reward productivity gains, as well as encouraging the private sector to explore foreign markets by simplifying the procedures for companies to claim reliefs when their employees move overseas.
(File photo: AFP/Roslan Rahman)
Within the business community, some individual sectors may receive more assistance, analysts told Channel NewsAsia. Top of the list are externally-oriented sectors, the battered oil and gas industry and high-potential segments such as high-end semiconductors.
“Bearing in mind there’s a resource constraint, there will be cherry-picking and some industries will complain being left out. But providing help for industries such as electronics where there won’t be a turnaround will be throwing good money after the bad,” Mizuho’s Mr Varathan said. “By contrast, the higher-end semiconductors are still on ‘ok’ footing but given the pressure on trade demand, there could be a need for pre-emptive moves.”
Meanwhile, UOB analysts think more aid should be given to externally-oriented sectors, such as finance and insurance, wholesale and retail trade, given that these sectors have suffered a much bigger impact from faltering demand worldwide.
"Budget 2016 should take this into consideration and help to reduce some costs of doing business for these sectors, thus freeing up some cash-flow for companies during these difficult times," the report dated Mar 9 noted.
Some experts have also called attention to the significant lending exposure that Singapore banks have to China.
While the credit risk from this is likely to be limited, it remains a concern given the Singapore’s already-considerable exposure to a slowing Chinese economy, according to ANZ’s Mr Ng.
“A ball park estimate puts the loans that DBS, UOB and OCBC have extended to China at about 10 per cent of total loans, which is still quite modest. Credit risks from these loans will be mitigated given that the China exposure is predominantly in trade and finance sectors. These self-liquidating trade loans are usually backed by letters of credit from Chinese banks. Meanwhile, Singapore banks also face tougher regulatory requirements,” Mr Ng said.
“But given that our exposure to China has grown beyond trade, this could be something to look at.”
BALANCE EXPECTATIONS
However, amid the uncertainty, analysts told Channel NewsAsia that it is important to keep expectations in check given that Singapore’s economy is facing a slowdown, not a recession.
According to Mr Biswas from IHS Global Insight, Singapore is expected to see the continuation of “moderate positive gross domestic product (GDP) growth” in 2016 hence there is no need for “exceptional measures” to be introduced in this year’s Budget.
“Although Singapore’s manufacturing sector has been in protracted recession throughout 2015, the overall economy is still showing moderate positive growth, helped by continued expansion of the services economy. Singapore’s role as a leading global financial centre, logistics, shipping and aviation hub as well as a regional headquartering hub for MNCs continues to underpin the economy.”
- CNA/sk
- wong chee tat :)
Finance Minister Heng Swee Keat has said the government will be “particularly prudent” with this year’s Budget.
By Tang See Kit, Channel NewsAsia
Posted 11 Mar 2016 09:17
SINGAPORE: Singapore’s Finance Minister Heng Swee Keat will deliver the annual Budget statement on March 24 and, as usual, expectations have been building in terms of how the Government will be charting the path for the year ahead.
For now, Mr Heng has revealed that the upcoming Budget will have a strong focus on the economy, while adding that the government is likely to be "particularly prudent".
Given that this year’s Budget is the first in the new government’s term in office, which means that surpluses generated from the previous term of government will be locked up as reserves, analysts are not surprised by the remarks on fiscal prudence.
“Moving into a new term, one would have to note that the government is starting with nothing, so any expectations of excessive expenditure, such as the social transfers and spending we’ve seen in the SG50 Budget, will need to be reined in,” said Mizuho Bank’s Singapore-based economist Vishnu Varathan, referring to the roll-out of the SkillsFuture programme last year and the generous Pioneer Generation Package from 2014.
Meanwhile, a darkening global economic outlook, fuelled by a slower-growing China, turmoil in financial markets and plunging commodity prices, is also threatening Singapore's trade-reliant economy. The government is predicting a modest 1.0 to 3.0 per cent growth for the economy this year.
“The upcoming Budget will be cautious, with the focus likely to be on building fiscal reserves to provide some fiscal buffer in case of external economic shocks over the medium-term outlook,” noted Rajiv Biswas, IHS Global Insight’s chief economist for Asia-Pacific.
KEY FOCUS AREAS IN A ‘GROUNDED’ BUDGET
As such, analysts are expecting a “grounded” Budget aimed at addressing the growth slowdown and helping businesses to cope with a deteriorating operating environment.
Meanwhile, if the economic headwinds intensify and hit growth, tax revenue will likely be reduced. Given that possibility, this year’s Budget is expected to be “focused and targeted”, said Liang Eng Hwa, chair of the Government Parliamentary Committee (GPC) for Finance and Trade and Industry.
“This is the first budget of the new government, and the Minister will want to save some resources should (the global economy) turn for the worse. Noting that there are lesser resources to be allocated, the Minister will have to see which groups need to be taken care of,” Mr Liang noted.
In particular, small and medium-sized enterprises (SMEs), which face increasing pressure from debt servicing, high rents and manpower costs amid a slowing economy, are likely to be singled out for targeted support.
“There will likely be a clear (differentiation) between SMEs and multinational companies (MNCs) so if any help is rendered, it will be towards the SMEs because they face the most difficulties during these times,” according to ANZ economist Ng Weiwen.
Mr Liang noted there are existing measures such as the Productivity and Innovation Credit (PIC) scheme that provide help to SMEs, so new measures in this year’s Budget may be unlikely. Instead, the government may opt to tweak and improve existing schemes so as to “reach out to more SMEs”.
On this, tax and accountancy firm PricewaterhouseCoopers (PwC) recommended earlier this month that enhancements should be made to the PIC scheme to reward productivity gains, as well as encouraging the private sector to explore foreign markets by simplifying the procedures for companies to claim reliefs when their employees move overseas.
(File photo: AFP/Roslan Rahman)
Within the business community, some individual sectors may receive more assistance, analysts told Channel NewsAsia. Top of the list are externally-oriented sectors, the battered oil and gas industry and high-potential segments such as high-end semiconductors.
“Bearing in mind there’s a resource constraint, there will be cherry-picking and some industries will complain being left out. But providing help for industries such as electronics where there won’t be a turnaround will be throwing good money after the bad,” Mizuho’s Mr Varathan said. “By contrast, the higher-end semiconductors are still on ‘ok’ footing but given the pressure on trade demand, there could be a need for pre-emptive moves.”
Meanwhile, UOB analysts think more aid should be given to externally-oriented sectors, such as finance and insurance, wholesale and retail trade, given that these sectors have suffered a much bigger impact from faltering demand worldwide.
"Budget 2016 should take this into consideration and help to reduce some costs of doing business for these sectors, thus freeing up some cash-flow for companies during these difficult times," the report dated Mar 9 noted.
Some experts have also called attention to the significant lending exposure that Singapore banks have to China.
While the credit risk from this is likely to be limited, it remains a concern given the Singapore’s already-considerable exposure to a slowing Chinese economy, according to ANZ’s Mr Ng.
“A ball park estimate puts the loans that DBS, UOB and OCBC have extended to China at about 10 per cent of total loans, which is still quite modest. Credit risks from these loans will be mitigated given that the China exposure is predominantly in trade and finance sectors. These self-liquidating trade loans are usually backed by letters of credit from Chinese banks. Meanwhile, Singapore banks also face tougher regulatory requirements,” Mr Ng said.
“But given that our exposure to China has grown beyond trade, this could be something to look at.”
BALANCE EXPECTATIONS
However, amid the uncertainty, analysts told Channel NewsAsia that it is important to keep expectations in check given that Singapore’s economy is facing a slowdown, not a recession.
According to Mr Biswas from IHS Global Insight, Singapore is expected to see the continuation of “moderate positive gross domestic product (GDP) growth” in 2016 hence there is no need for “exceptional measures” to be introduced in this year’s Budget.
“Although Singapore’s manufacturing sector has been in protracted recession throughout 2015, the overall economy is still showing moderate positive growth, helped by continued expansion of the services economy. Singapore’s role as a leading global financial centre, logistics, shipping and aviation hub as well as a regional headquartering hub for MNCs continues to underpin the economy.”
- CNA/sk
- wong chee tat :)
Saturday, April 26, 2014
Documents to Prepare for Application of HDB Loan Eligibility (HLE) Letter
Important note:
To enable us to process your HLE application, please submit the relevant documents listed below for all persons listed in the flat application. The HDB may also request for other documents to be submitted other than those listed below for purpose of credit assessment. The HLE application cannot be processed if the documents are incomplete.
| 1. | For Employed (with monthly CPF contribution)* | |
 | As an applicant: | |
| a) | Latest 3 months’ payslips or Recent letter^ from employer certifying job designation, commencement date and salaries for the last 3 months; and |
| b) | Latest 15 months' CPF contribution history. |
| If income includes allowance, 12 months’ income proof will be required. | |
| As an occupier: | |
| | Latest 3 months’ payslips or Recent letter^ from employer certifying job designation, commencement date and salaries for the last 3 months. |
| 2. | For Employed (without monthly CPF contribution)* | |
| As an applicant: | |
| a) | Latest 12 months' payslips or Recent letter^ from employer certifying job designation, commencement date and salaries for the last 12 months; and |
| b) | Credit bureau report#; and |
| c) | Latest 12 months’ bank statements/passbook. |
| As an occupier: | |
| | Latest 3 months’ payslips or Recent letter^ from employer certifying job designation, commencement date and salaries for the last 3 months. |
| 3. | For Self-Employed | |
| As an applicant: | |
| a) | Valid Accounting & Corporate Regulatory Authority (ACRA) Computer Information (Business Profile)or Valid license of business / trade; and |
| b) | Latest Notice of Assessment from IRAS or Certified Annual Statement of Accounts from an audit firm; and |
| c) | Credit bureau report#; and |
| d) | Latest 12 months’ bank statements/passbook |
| As an occupier: | ||
| a) | Valid Accounting & Corporate Regulatory Authority (ACRA) Computer Information (Business Profile)or Valid license of business / trade; and |
| b) | Latest Notice of Assessment from IRAS or Certified Annual Statement of Accounts from an audit firm. |
| 4. | For Commission-Based and Regular Part Time Worker | |
| As an applicant: | |
| a) | Latest 12 months' commission statements/payslips or Recent letter^ from employer certifying job designation, commencement date and commissions/salaries for the last 12 months; and |
| b) | Latest 15 months' CPF contribution history; and |
| c) | Credit bureau report#; and |
| d) | Latest 12 months’ bank statements/passbook |
| As an occupier: | |
| | Latest 12 months' commission statements/payslips or Recent letter^ from employer certifying job designation, commencement date and commissions/salaries for the last 12 months. |
| 5. | For Odd Job Worker | |
| As an applicant: | |
| a) | Latest Notice of Assessment from IRAS or Recent letter^ from employer certifying job designation, commencement date and commissions / salaries for the last 12 months; and |
| b) | Latest 15 months' CPF contribution history; and |
| c) | Credit bureau report#; and |
| d) | Latest 12 months’ bank statements/passbook |
| As an occupier: | |
| | Latest Notice of Assessment from IRAS or Recent letter^ from employer certifying job designation, commencement date and salaries for the last 12 months |
| 6. | For Pensioner | |
| As an applicant: | |
| a) | Payslip/letter^ from previous employer stating the monthly pension received; and |
| b) | Credit bureau report#; and |
| c) | Latest 12 months’ bank statements/passbook |
| As an occupier: | |
| | Payslip/letter^ from previous employer stating the monthly pension received |
| 7. | For Unemployed between 18 to 62 years old | |
| Unemployed applicant/occupier will need to submit a Statutory Declaration on unemployment status or a valid Student Pass, if they are currently a full-time student. The Statutory Declaration can be executed at Loans Counter or any HDB Branches. Declarants are required to bring along their Identity Cards to execute the Statutory Declaration. In addition, the following documents are required if applicant / occupier were unemployed for fewer than 3 months: | |
| a) | Income proof for the preceding month(s) from previous employer stating their gross monthly income and last day of service; and |
| b) | Latest 15 months' CPF contributions history |
| 8. | For Applicant and Essential Occupier who have taken one HDB concessionary housing loan and are buying the next HDB flat after disposing the existing one | |
| a) | Completion statements (showing the breakdown of cash proceeds and CPF refund) for the disposal of the applicant's and his/her spouse/fiance/fiancee's last owned HDB flat (if they do not have a current flat); and |
| b) | Divorce documents showing the division of matrimonial HDB flat (if the immediate past HDB flat was disposed of with / by ex-spouse) |
| 9. | Income / Allowance NOT considered for credit assessment | |
| a) | Rental Income; |
| b) | Interest from fixed deposit / savings account; |
| c) | Alimony allowance (divorce cases); |
| d) | Bonuses; |
| e) | Dividend income; |
| f) | Director fees; |
| g) | Overtime; |
| h) | National Service allowance; |
| i) | Claims / reimbursement / expenses; |
| j) | Scholarship overseas allowance |
| k) | Occupier’s Income |
| Note: | ||
| * | Income tax returns are not acceptable for employed persons. | |
| ^ | For proof of income, note that all letters from employer must have company letterhead/stamp, name, signature and designation of certifying officer. | |
| # | A copy of the Credit Bureau report can be requested either on-line | |
| If you are working overseas, please submit additional income proof such as employment pass, work permit, evidence of trade business, overseas income tax returns, where applicable. If the documents to be submitted are in languages other than English, Mandarin, Malay or Tamil, an official translation in English of these documents are required. | |
Last Updated on 16 Apr 2014
- wong chee tat :)
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