Singapore Morning News For February 20

Singapore Morning News For February 20

Singapore morning newsAll adult Singaporeans will get one-off bonus of up to S$300
Every Singaporean aged 21 years and above this year will receive a one-off “hongbao” of between S$100 and S$300 from the Government, as the Republic expects a record surplus for the current financial year.
Today Online 

Singapore’s FY18 Budget aims to foster pervasive innovation throughout economy
An additional $145 million is being set aside for Tech Skills Accelerator. The Government is also planning to pilot an Open Innovation Platform, a virtual crowd-sourcing platform where companies can list specific challenges that can be addressed by digital solutions.
Open Gov Asia 

Singapore Boosts Taxes to Shore Up Revenue for Aging Nation
Singapore Finance Minister Heng Swee Keat announced a range of tax increases in his budget, including a surprise hike in property levies, as he seeks to shore up savings to cope with a rapidly aging population.

Large emitters, observers welcome initial carbon tax rate of S$5 per tonne of greenhouse gas emissions
Large emitters and environmental observers have welcomed the progressive implementation of the carbon tax, saying that it encourages companies to adopt energy efficiency measures while giving them the time to adapt to the changes.
Channel NewsAsia 

Singapore is hiking its sales tax, but not until 2021 or later
Singapore said its sales tax will rise to 9 percent from 7 percent, but the change will only come “sometime” between 2021 and 2025, making it likely that the increase would kick in after the city-state’s next general election.

Indonesia and Singapore to boost cooperation in investment and vocational education
Indonesia and Singapore have agreed to boost cooperation in investment and vocational education, especially in the industrial sector, with Indonesia offering the development of three industrial estates to Singapore.
Channel NewsAsia 

Singapore Budget 2018: GST to apply to digital services from 2020
Digital services such as Netflix and Spotify, and possibly even software tools like Microsoft Office 365, could attract a goods and services tax (GST) in Singapore from January 1, 2020, as part of the country’s Budget 2018.

Second Sight enters Singapore market with Argus II implantation
The Argus II retinal prosthesis system has been implanted in the first patient in Singapore, according to a press release from Second Sight Medical Products.

Singapore Matches More Problems With More Money: Budget Snapshot
Singapore’s budget on Monday was all about boosting government revenue through higher taxes in order to pay for rising spending needs.

Carbon tax to affect electricity and gas expenses of Singapore households: Budget 2018
The Singapore Government will be imposing a carbon tax from 2019 – a tax that is expected to affect the electricity and gas expenses of all households in Singapore. Finance Minister Heng Swee Keat confirmed this as he delivered the Budget 2018 speech this afternoon.
The Independent Singapore

Hongbaos and taxes: 8 things you need to know about Budget 2018
Finance Minister Heng Swee Keat ended his 2018 Budget speech on a “prosperous” note with the handing out of a one-off SG Bonus to Singaporeans, but he also warned of coming tax hikes that are needed to finance the country’s greater spending in the next decade.
Channel NewsAsia

Singapore competition agency to look closer at Uber tie-up with ComfortDelGro
Singapore’s competition commission said on Monday it plans to do further in-depth assessment of the tie-up between the city-state’s top taxi operator, ComfortDelGro, and Uber [UBER.UL], after an initial review.

Singapore-listed Noble Group targets $3.4b debt-to-equity swap for survival
Troubled commodities trader Noble Group Ltd warned of a massive annual loss, citing challenging operating conditions, but said it was making progress to clinch a $3.4 billion debt-for-equity swap to ensure its survival.

Singapore Budget 2018: Singapore’s net investment returns contribution stands at S$15.9b in FY2018
OVER the last 10 years, Singapore’s net investment returns (NIR) contribution (NIRC) has more than doubled from S$7 billion in FY2009 to an estimated S$15.9 billion in FY2018.
The Business Times 

Mixed feelings in Singapore over $10 surcharge for Touch n Go cards
Singaporean motorists have mixed feelings on the proposed move to impose a surcharge of S$10 (RM30) for Touch n Go cards with insufficient balance when entering Johor from Singapore.
Asia One 

Singapore Budget 2018: Enterprise grants to be combined under Enterprise Development Grant
TO provide more holistic and cusomised support to local enterprises seeking to build deep capabilities, scale up, and internationalised, Spring Singapore’s Capability Development Grant (CDG) and International Enterprise Singapore’s Global Company Partnership (GCP) grant will be combined into the Enterprise Development Grant (EDG).
The Business Times

American in awe of Singapore’s ‘racial and religious masterclass’ during CNY
Sometimes Singaporeans take things for granted and once in a while, it takes the viewpoints of a foreigner to realise how good we have it here.
Asia One 

Singapore: Frasers Property expands European footprint with $354m deal
SGX-listed Frasers Property is acquiring a property portfolio of 22 assets, owned and managed by Alpha Industrial Holding, in Luxembourg. The deal also covers the acquisition of the project and asset management business of Alpha Industrial through the purchase of the entire issued share capital of Alpha Industrial GmbH & Co in Cologne, Germany.


Feature photo Akuppa John Wigham


Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

Singapore morning news by AEC News Today is your one stop source for Singapore news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies not politics.


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Leakhena Khat

Leakhena is a junior journalist at AEC News Today who is also currently studying International Relations, which she finds adds perspective to her work reporting on the Asean Community.

“I love what I am doing so much as it gives me a lot of great experience and provides challenges to my mind.

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