[h=2]PM: FT number growing at slower pace[/h]
May 9th, 2014 |
Author: Editorial
Prime Minister Lee Hsien Loong
At the Malay-Muslim Business Conference held on Wednesday (7 May), PM Lee
revealed that the number of foreign workers in Singapore is still growing,
albeit at a slower pace.
However, he said that the government cannot ease up on the limits it has
imposed on foreign worker inflows to Singapore.
Small and medium enterprise (SME) bosses have been complaining about the
government curbs on foreign worker inflow.
Mr Lee said, “We have to manage the inflow, we have to manage what we can
accommodate in Singapore,” he said in the conference attended by about 400
Malay/Muslim entrepreneurs and delegates from Singapore and the region.
He acknowledged that the measures have caused pain to SMEs but he pledged to
help them lift their productivity and make jobs more attractive to locals.
As an example, Mr Lee cited a new SME talent programme which will see the
government paying the course fees of talented polytechnic and ITE students. The
government will also work with SMEs to give the students jobs and sign-on
bonuses after graduation.
In terms of helping SMEs to raise productivity, Mr Lee said that the
Productivity and Innovation Credit (PIC) scheme gives companies tax deductions
for investing in equipment that boosts productivity.
However, according to a TRE reader (‘Businesses
using PIC to scam public money‘), the PIC scheme has loopholes which
businesses can exploit to make money.
For example, one can pay $20,000 to buy a business, of which 60% can be
claimed ($12,000). Then, the PIC will pay up to $15,000 on the $20,000 paid. So,
by adding $12,000 to $15,000, one can get back $27,000 on the original $20,000
investment.
Therefore, anyone can start a company, pay $20,000 and make a guaranteed
profit of $7,000 as the reader claims:
The reader told TRE, “Hope you can help to expose business conmen because
taxpayers’ monies should not be scammed like this.”
At the conference, PM Lee encouraged SMEs to venture overseas.
Prime Minister Lee Hsien Loong
At the Malay-Muslim Business Conference held on Wednesday (7 May), PM Lee
revealed that the number of foreign workers in Singapore is still growing,
albeit at a slower pace.
However, he said that the government cannot ease up on the limits it has
imposed on foreign worker inflows to Singapore.
Small and medium enterprise (SME) bosses have been complaining about the
government curbs on foreign worker inflow.
Mr Lee said, “We have to manage the inflow, we have to manage what we can
accommodate in Singapore,” he said in the conference attended by about 400
Malay/Muslim entrepreneurs and delegates from Singapore and the region.
He acknowledged that the measures have caused pain to SMEs but he pledged to
help them lift their productivity and make jobs more attractive to locals.
As an example, Mr Lee cited a new SME talent programme which will see the
government paying the course fees of talented polytechnic and ITE students. The
government will also work with SMEs to give the students jobs and sign-on
bonuses after graduation.
In terms of helping SMEs to raise productivity, Mr Lee said that the
Productivity and Innovation Credit (PIC) scheme gives companies tax deductions
for investing in equipment that boosts productivity.
However, according to a TRE reader (‘Businesses
using PIC to scam public money‘), the PIC scheme has loopholes which
businesses can exploit to make money.
For example, one can pay $20,000 to buy a business, of which 60% can be
claimed ($12,000). Then, the PIC will pay up to $15,000 on the $20,000 paid. So,
by adding $12,000 to $15,000, one can get back $27,000 on the original $20,000
investment.
Therefore, anyone can start a company, pay $20,000 and make a guaranteed
profit of $7,000 as the reader claims:
The reader told TRE, “Hope you can help to expose business conmen because
taxpayers’ monies should not be scammed like this.”
At the conference, PM Lee encouraged SMEs to venture overseas.
