Don Wee
Singapore
“(In English): Finally, it is about public awareness. Beyond the real estate sector, what efforts will be made to educate the general public about these challenges to foster a culture of vigilance against money laundering?”
“Chairman, Enterprise Singapore plays a crucial role in supporting our SMEs through various grants and schemes in their green transition. However, the current reimbursement model creates uncertainty in capital recovery, discouraging SMEs from making much-needed investments in sustainable equipment.”
“Since the Government has household data on income, education and occupation, SkillsFuture can pre-qualify Singaporeans and directly recommend accredited courses tailored to their needs.”
“Thank you, Mr Speaker, Sir. I have one supplementary question for the Minister of State. I thank the Minister of State for his positive update. I also thank LTA for improving the bus connectivity as well as the road safety of my Brickland residents over the past four years.”
“I propose that we channel these funds into strategic areas that will directly benefit Singaporeans, such as sustainability initiatives, green infrastructure projects and education programmes.”
“As the Registrar will be better empowered to maintain accurate records of directors, including disqualification status, this could lead to greater transparency and trust in corporate governance.”
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“Chairman, Singapore is a strategic partner of South Africa. Many major South African companies have their Asian headquarters here. Last year, our Prime Minister made his first official visit to South Africa while South African Deputy President made an official visit to Singapore. How is our relationship with South Africa and how do we see our engagement with the broader African region? US-China Contestation”
“Chairman, will MFA provide an update on our diplomatic and economic relations with the countries in Indochina region – Vietnam, Cambodia, Laos, Myanmar and Thailand? What are the current and upcoming projects in trade, investment and regional cooperation, such as digital finance initiatives with Thailand and the decarbonisation projects with Laos, Thailand, Cambodia and Vietnam? Supporting our Neighbouring Countries”
“As we embark on our decarbonisation agenda, the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP) has paved the way for us to begin importing renewable energy. The Energy Market Authority has also issued Conditional Approvals to import low-carbon electricity from Cambodia and Vietnam. Would the Minister give us an overview of the state of our relationships with our neighbours? What more can Singapore do to deepen her engagements with Southeast Asian countries beyond our immediate neighbours? What new areas of cooperation should we focus on to ensure that Singapore remains well-positioned to work fruitfully with them? Furthering Strong Ties with Indonesia”
“Chairman, Singapore has always sought to maintain good relationships with our neighbouring countries. We and our fellow ASEAN Member States have common interests in preserving regional peace and stability. ASEAN countries have great potential for economic growth, particularly in emerging areas, such as renewable energy, carbon credits and the digital economy, where there is room for cooperation. They have growing young and energetic populations and significant natural resources that provide ample opportunities for collaboration, such as the agri-food sector. Two of our closest neighbours, Malaysia and Indonesia, have seen or will be seeing political transitions. In Malaysia, Prime Minister Anwar Ibrahim's Unity Government has been in power for over a year now. Indonesia held its presidential election on 14 February 2024 and Defence Minister Prabowo Subianto won a convincing majority. While we have already been working closely with both Malaysia and Indonesia, there remains to be many new opportunities. Both nations have a younger demographic than Singapore and larger domestic markets. Indonesia is also the largest country in ASEAN and the world's 16th largest economy, achieving a GDP growth of 5% in 2023. We have deep and longstanding defence relations with Thailand and have strengthened cooperation in the digital economy realm through initiatives, such as the PayNow-PromptPay Linkage. Our strategic partnership with Vietnam may be upgraded to a Comprehensive Strategic Partnership in the future. In February 2023, we signed a Green-Digital Economic Partnership with Vietnam to strengthen collaboration in the green and digital economies.”
“Chairman, in a commentary published by the S. Rajaratnam School of International Studies, Asst Prof Michael Raska wrote that the main source of strategic advantage in the next 10 years will lie in the ability of modern military organisations to fully integrate innovations in artificial intelligence, cyber power and data science, as well as cognitive science and robotics across all levels of operations and warfare. For the SAF to maintain its edge, it should continuously evolve to take advantage of new digital technologies. The SAF should also continuously develop responses to defend against new threats. In view of these rapidly evolving developments, I think that the establishment of the SAF's DIS over a year ago was very timely. It may take many years to fully integrate various digital and cyber capabilities and assets across all levels of operations, and of course, across the three Services, and for the service personnel to build up operational experience. The Ministry is taking the right and necessary steps. Can MINDEF provide a progress update on the DIS? What steps have been taken to build up its capabilities? How has the DIS been working together with the other agencies in Singapore that operate in the digital domain, in order to boost our security? Enhancing SAF Training and Readiness”
“In particular, the war in Ukraine has shown us the continued importance of countries maintaining high-end, conventional military capabilities. Would MINDEF provide an update on the progress of the SAF's acquisitions and capability development plans? F-35B Fighter Jets Acquisition”
“: Chairman, at last year's COS debate, Defence Minister Dr Ng said to the House that "we must never forget that defence is a long-term business." He went on to elaborate that for the SAF, major systems and platforms take 10 to 15 years to conceptualise, build and integrate into its fighting force, assuming all goes well. I am glad that Singapore has always taken a long-term view on defence. We cannot wait until conflict is at our doorstep, in order to prepare and defend ourselves. Since Russia's invasion of Ukraine, governments around the world have been rushing to build and buy new weapons as the war has put a significant strain on their stockpiles. However, even with increased spending in defence, it could be years before countries start to reap the dividends of their increased investment. Such are the unfortunate consequences of not making consistent investments in defence. In March last year, the online publication Defense News reported that Italy was considering the quick procurement of tanks and infantry fighting vehicles to serve as gap fillers before long-term projects took shape. The war in Ukraine has brought to the fore the importance of ground warfare capabilities, and Italy's stock of tanks and infantry fighting vehicles were ageing and depleting. I hope that in Singapore, we take in the hard lessons learnt by other countries. We cannot wait until things are heating up to prioritise investing in defence. Hence, MINDEF previously informed the House that the SAF would be adding more platforms and capabilities over the next decade. As the nature of conflict evolves, it is important for Singapore to be able to effectively defend herself against increasingly sophisticated conventional military and non-conventional threats.”
“Thank you, Chairman. Firstly, I would like to declare that I am a Council Member of the Institute of Singapore Chartered Accountants (ISCA). To Minister Indranee, pertaining to the Singapore Chartered Accountancy Qualifications or SCAQ, on behalf of ISCA, I thank MOF for making improvements to the Singapore Chartered Accountancy Qualifications. We shared these improvements to the IHLs last week. They were well received. May I ask if MOF can support and promote Singapore Chartered Accountancy Qualifications to the civil servants in the Statutory Boards and Ministries, who are performing financing functions?”
“The current WIS is pegged to an individual, using the worker's age, employment status and income to determine the disbursement amount. But this supplement is provided even to a lower-wage worker in a wealthier household. Instead, a household-based WIS would provide a higher monthly payout to lower-income households with more dependants. This will be a more holistic approach to take into account the overall financial situation of a household. Singapore has many social support schemes for lower-income families with different eligibility criteria. Essential workers need the help most but they have the least time and capacity to navigate their eligibilities and to apply for the various schemes. They also face challenges learning about and taking advantage of the latest upskilling measures, including those introduced in this Budget. They may lack the awareness and knowledge about where and how to apply for training programmes and what kind of courses suit them. Furthermore, in view of the number of job and training scams in the market these days, we also need to help them navigate and avoid this pitfall. Would the Government consider a more systematic framework to reach out to and coach these workers on the safe path to training? Public education campaigns must be conducted to ensure that these workers know where and how to avail and take advantage of these training grants and courses through trustworthy channels. With this, I would like to conclude with my support for the Budget.”
“As wages become more stagnant, would the Government consider extending progressive wages to more sectors and up the income ladder? Next, on uplifting lower-wage workers, I welcome the increase in the WIS payout to $4,900 and the increase in the qualifying income cap of $3,000. While social support schemes, such as ComCare and the recently enhanced ComLink+, have been introduced to boost lower-income households, these schemes tend to target the lowest income group in our population. However, many Singaporeans who fall below the 20th percentile of population by household income need more help, too. WIS has been enhanced over the years to better support this larger group of lower-income workers. However, an individual worker is often responsible not just for themselves but for their dependants, too. As WIS is still disbursed at the individual level, it does not fully account for the heavier financial burdens that some of these workers may face when raising young children, supporting elderly or caring for family members with special needs, especially with the cost of living rising. Would the Government consider indexing WIS and social support schemes to inflation or the consumer price index annually? The annual review of WIS can be administered similarly to the Public Transport Council's annual fare review exercise. An increase in the proportion of WIS payouts allocated to cash can also help households to meet their immediate needs. With current inflation outpacing the CPF Ordinary Account interest rate of 2.5%, it would be more practical for WIS recipients to have more cash in their hands. WIS should also be recalibrated to take into account household incomes and size.”
“(In English): Would the Government consider providing more incentives to companies which practise inclusivity hiring of seniors, the disabled and those with special needs? Presently, the Government provides an Enabling Employment Credit paid to employers of persons with disabilities (PwDs) aged 13 and above and earning below $4,000 a month and the Open Door Programme Job Redesign Grant by supporting up to 90% of the job redesign costs. I propose going further by giving tax rebates, higher quotas for hiring foreign workers and more points awarded when bidding for Government projects. Companies have noted a shortage of local talent in some areas but, sometimes, part of the problem is that they have inherent biases and refuse to consider certain groups of potential employees, even if they have the matching skillsets. These include young seniors or the group defined as being between the ages of 50 and 60. A challenge for them is finding meaningful work that allows them to use the skills they have developed over the years. Many young seniors are medium-skilled for the most part, with some high-skilled workers. They have higher expectations for the jobs that they are doing and are less likely to be willing to take lower-skilled jobs. Like many of the older Singaporeans, they face challenges like age discrimination at the workplaces, questions about whether they can continue in their current roles, seniority, salaries and so on, until they reach the retirement age. Along with encouraging this group to work for as long as possible and as long as they want to, it is also important to incentivise businesses to configure jobs in a way that actually makes it more acceptable for them to work longer.”
“However, few Singaporean companies have the experience of securing projects overseas, thus Singaporean companies feel disadvantaged to earn these additional points. In order to earn these additional points, local companies are encouraged to form a joint venture (JV) with larger Korean or Chinese companies, so that the JV has a higher chance to win large infrastructural projects in Singapore. I was informed that there is limited transfer of knowledge as these large JV partners are only interested in the manpower resource, which include the foreign workers quota that their Singaporean JV partners possess. Hence, the transfer of knowledge is very limited. Many business owners had informed me that there is a shortage of heavy vehicle parking lots near their drivers’ residences and many business owners even pay for their workers' extra transport expenditure. Can the Government convert vacant premises like schools or JTC sites into carpark lots, regardless of how short term it may be? This would help to reduce some of the companies’ expenditure. I hope that in the short term, the Government can also relax the diversity quota criterion in the Complementarity Assessment Framework for Employment Pass Hires, as firms find it hard to meet the requirement in a tight labour market. I hope that there can be flexibility in quota adjustment under the Manpower for Strategic Economic Priorities Scheme, which allows eligible firms to hire S Pass and Work Permit holders beyond their existing ceiling for about three years. The Government could also review the current foreign worker quota to allow them to be pegged to job roles, instead of the current classification.”
“More targeted funding support can be provided to SMEs to invest in carbon-pricing and modelling solutions, as well as projects such as value-chain emissions management and decarbonisation. These measures can include a further deduction on the expenditure incurred or co-funding on such projects, subject to a cap. A limited time frame of two to three years of assessment can be used to ensure the effectiveness of the measure. I also welcome the Government's plan to expand the Partnerships for Capability Transformation scheme, which aims to promote more and deeper collaboration between the multinational corporations (MNCs) and SMEs. Enhancing partnerships to include capability training, internationalisation and corporate venturing is highly beneficial for our SMEs in a world where advances in technology are progressing at an unprecedented rate in a turbulent global environment. Sustainability is an area where the SMEs can work with the MNCs who are usually the "queen bee" buyers, on opportunities to become more competitive. Presently, environmental, social and governance reporting only applies to listed firms, but SMEs should take stock of their carbon emissions as legislation in some other countries require firms all along the supply chain to comply with sustainability standards. Mr Speaker, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Recently, many SMEs are constrained in what they can bid for, such as projects like the JTC proposed Coastal Development Tender, which award points to bidders that have the experience of completing projects overseas. I am cognisant that this criterion is not compulsory.”
“I also recommend that the withholding tax concession be extended to support companies in undertaking other economically productive activities in Singapore, including commodity trading, intellectual property (IP) rights acquisitions, mergers and acquisitions (M&A) activities as well as R&D. Can the Government consider expanding the scope of qualifying IP rights under the Intellectual Property Development Incentive to include other intangible assets, such as plant variety rights, designs and utility models? Next, would the Government further liberalise GST treatment for input tax claims on carbon credit trading-related expenses? Enhanced tax deductions would be helpful for the businesses that purchase voluntary carbon credits to manage their emissions targets. Can all yields deriving from certain qualifying green investments made by Singaporean investors overseas be exempted from corporate tax here, similar to the foreign-sourced dividends? To encourage the early adoption of electric vehicles (EVs), can the input tax be claimable on the GST incurred for expenses related to these EVs? I welcome the increase of the SkillsFuture Credit from $500 to $4,000. To develop Singapore's workforce further, I also propose to increase the cap for tax relief on course fees for personal development. The Course Fees Relief has been capped at $5,500 since 2011, for individuals taking courses to upskill or gain academic, professional or vocational qualifications. As costs increase, it may be time to increase the cap, to further encourage individuals to invest in their future by upskilling. To better support the families amidst rising costs, I propose that the Government reviews the quantum for the Qualifying Child Relief when computing personal income taxes. Next, on SMEs.”
“Mr Speaker, Sir, I support the measures in this Budget to retain Singapore's competitiveness and to position us for the next lap. My suggestions and clarifications stem from business owners, newspaper reports and forum letters, which I have encountered since 16 February 2024. I would like to begin with the various tax schemes. Pillar Two of BEPS 2.0 introduces a minimum effective tax rate of 15% for large MNEs. I applaud the Government for being nimble and progressive in reassessing Singapore's existing suite of tax incentives, noting that other jurisdictions are also undergoing tax incentive reforms, ahead of the landmark move. The introduction of the Refundable Investment Credit scheme will help existing companies and potential investors impacted by the BEPS Pillar 2. As a tax credit with a refundable cash feature, it is an attractive and flexible scheme supporting a range of high-value economic activities, including manufacturing, green transition activities as well as research and development (R&D). The proposed Refundable Investment Credit seems to be based on qualifying expenditure. Can the Government make the scheme available to businesses which are not as expenditure-heavy, such as the ones that are tech solutions related, but also can bring economically beneficial activities to Singapore? Would the Government consider awarding tax credits on output and volume-based features as well? Next, may I appeal for the scope of qualifying activities under the Approved Foreign Loan incentive to be expanded beyond capital-intensive productive equipment investment? Under the scheme, the withholding tax is exempted or is applied at the reduced rate on interest payments on loans taken.”
“Pertaining section 52 of the Immigration Act, how do the immigration officers determine if a person subject to the Enlistment Act has the required exit permit? Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] I support the timely amendments in section 24, which explicitly allows persons who perform the listed services to claim reimbursement for remuneration derived from self-employment. I hope MINDEF and MHA can arrange for consultative sessions with the insurance practitioners, financial planners, property advisers, private hire drivers and platform workers to have a deeper understanding of their remuneration structures.”
“Mr Speaker, Sir, the Exercise SG Ready, which began yesterday, commemorates 40 years of Total Defence this year. National Service (NS) plays a critical role in reinforcing the Total Defence concept. Total Defence encourages the active involvement of all citizens in safeguarding the security and well-being of our nation. Enlistment into NS is a crucial aspect of the military component of Total Defence. Since the National Service (Amendment) Bill was passed in March 1967, more than a million male Singaporeans and permanent residents have served NS. Enlistees can serve in the military, Police and the Singapore Civil Defence Force. Conscription is an essential component of national security, providing rapid and robust responses to external and internal threats. NS also contributes to the creation of a national identity that cuts across ethnic races, social classes and religions, as well as bolstering social resilience against instabilities. I support the Bill and I would like to seek clarifications on the following. The amendments in section 30 on orders, notices, permits and appointments are necessary as communications today are predominantly digitalised via short message service (SMS), emails and electronic service platforms. I would like to ask the Minister for his assurance in securing these modes of communicating with our servicemen and regulars. What safeguards are in place to address concerns related to the acknowledgment or consent requirement for electronic service? How will individuals be informed and given the option to consent? How would the Ministry prevent or minimise the impact of potential digital attacks and fraudulent communications by criminals and hostile agents to undermine our defence forces?”
“How does the legislation ensure this protection, and what penalties are in place for any breaches? How does allowing IRAS to compound offenses contribute to greater flexibility in dealing with grant non-compliances or scheme abuses that do not meet the threshold of criminal prosecution?”
“How will the proposed administrative amendments enhance the efficacy of whole-of-Government's grant administration? The information submitted by the SMEs when they apply for other schemes can be relevant to the schemes which are managed by Enterprise Singapore currently. I understand that the Government cannot give subsidies to SMEs in an unabated manner, but SMEs will appreciate that the application processes of various schemes be synergised and simplified. Time saved is as good as revenue earned. What recourse does a business have if they disagree with IRAS' assessment that funds have been wrongly disbursed to them? Can they raise it to an independent assessment panel? The Bill also empowers IRAS officers to perform the investigative, audit and enforcement actions. Officers can even arrest without warrant for arrestable offences and perform body searches. Why is there a need to grant such strong enforcement powers to IRAS to audit and investigate cases of fraud and abuse? What are they experiencing currently? How will IRAS ensure that the investigative powers granted under this Bill will be used appropriately and in the public interest? (In English): How much additional resources will be given to IRAS for the additional caseload as it will include investigation of fraud and abuse as well as recovery of wrongful disbursement? Does IRAS require additional budget to develop capabilities in-house to investigate and enforce penalties against cases of scheme abuse? How does IRAS plan to develop these in-house capabilities? Can they tap on Commercial Affairs Department for a start so as to minimise additional expenditure? The amendments mention protecting the identity of informants.”
“Mr Speaker, Sir, the Government's assistance for businesses during the COVID-19 pandemic kept many businesses afloat and Singaporean workers employed. Through support schemes such as those for the self-employed and small and medium enterprises (SMEs) owners, livelihoods were sustained and as a result, Singapore averted a serious economic crisis. Just between February and May 2020, the Government rolled out four Budgets to provide social support for the vulnerable and increase cashflow to businesses to protect livelihoods. The Government introduced the Jobs Support Scheme (JSS) and SkillsFuture Enterprise Credits that helped employers to pay a portion of their workers' salaries and training course fees quickly. The initial roll-out was broad-based to avoid a deeper economic crisis, preserve jobs and maintain key corporate capabilities. Speed was crucial to prevent interruption of cashflow for businesses and incomes for workers. Civil servants from Statutory Boards like IRAS, the Infocomm Media Development Authority (IMDA) and Enterprise Singapore worked long hours for a long period of time so that assistance was rendered to the deserving applicants during the COVID-19 period. These civil servants received many calls and chasers to approve and disburse the assistance. However, when they were flagged for overpayments due to calculation errors committed under time pressure, the remarks were not kind towards them. Neither did I observe many beneficiaries who stood up for these civil servants. I support the Bill. However, I would like to seek clarifications on the following. Mr Speaker, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Can IRAS also administer schemes like the Enterprise Sustainability Programme and Enterprise Financing Scheme?”
“May I know what impact does this type of regulation have on businesses in specific sectors from the time they were implemented till now? This new Bill should draw upon experiences from the past and most importantly, not cause foreign investors to lose confidence in Singapore, which impact employment opportunities for our people. (In English): Another question I have is regarding the complex structures of many investment companies. More likely than not, most have many owners and the intertwined relationships can be multi-layered and multinational. How would the Government assess these complicated fund sources and identify the ultimate beneficiary owners? In the event remedial direction may be issued to transfer or dispose equity interests held in the designated entities or to change a key office-bearer, how does the Minister decide on the timeframe? A lot of malicious corporate actions can be performed during a short duration. As with any new process, there are possibilities of unintended consequences. While I am glad to note that the Bill was crafted in consultation with industry representatives to take into account the potential impact on businesses and investors, I am concerned about the potential dampening impact on our FDI. As a country, which has traditionally courted investments, how would the Government project our continued welcome of legitimate investments and build upon our reputation as an attractive investment destination?”
“Mr Speaker, Sir, I rise in support of the Bill. The COVID-19 pandemic has shown how important it is that we have control over critical entities, supply sources and logistic chains. Given how dependent we are on imports and considering the diversity of countries which supply goods and services to Singapore, we must ensure that significant investments are from reliable and friendly allies to mitigate our risks. Similar legislation had been passed in many countries in recent years, including a few Organisation for Economic Co-operation and Development (OECD) countries and China. More nations are expected to follow, as governments scrutinise inward foreign direct investments (FDIs) ever more rigorously to enhance economic resilience and national security. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] The proposed Bill is intended to complement the existing legislation that already targets individual business sectors, while the current legislation already imposes restrictions on institutions in sectors, such as telecommunications, banking and utilities. The new Bill could plug the policy loopholes created by today's international strategic investment environment. However, since these institutions have not been identified, would the Minister be able to share more clearly the criteria for the selection or exclusion of these candidates and the components which buyers and sellers need to pay attention to? Will the Minister provide more information and examples of the circumstances under which our national security and strategic interests are threatened? Do these instances include private healthcare facilities with medical records of our government leaders and industry heads?”
“What happens if they put forth views not representative of, or even contrary to, the Government at these meetings? How do we separate the stances of the private individuals from the office they hold? (In English): In addition, what would be the criteria set by the Cabinet for the organisations to be deemed acceptable? Will there be any control over the type and number of organisations that the President and Ministers may participate in? What are the guidelines that determine which roles may be approved? How will the Government ensure that these individuals will not take on too many roles which may have a detrimental impact on their ability to fulfil the requirements of their main jobs? I would also like to ask how different are these international roles from the non-executive ones, such as patrons, which our President and Ministers undertake concurrently? For example, President Tharman is the Patron of the Digital for Life Movement. Other questions which arise are about to whom or which office will be paid the fees and honorariums from the organisations and the billing of expenses, such as travel, security detail and accommodation, if any. Despite these concerns, I would like to conclude with my support for the Bill in view of the benefits and glory such appointments will bring to Singapore.”
“Mr Speaker, Sir, the invitations to our President and Ministers to take up key positions in foreign and international organisations are testament to the good regard in which Singapore is held. I agree that having our men and women on the seats of these bodies will be highly beneficial to Singapore in providing the opportunity to present our perspectives, shape discourse and advance our national interests. Having a seat at the table makes a difference to Singapore. If we cast our eyes overseas, there are example of ministers from other countries who are part of international organisations. For example, Canada's deputy prime minister and minister of finance, Ms Chrystia Freeland, and Rwanda's minister of information communication technology and innovation, Ms Paula Ingabire, are members of WEF's Board of Trustees. As a small island state with no natural resources, Singapore has thrived due to its people's capabilities and their connectivities with our global partners. We need to continue to promote Singapore well. Indeed, the appointments of our leaders to such institutions will enhance Singapore's visibility and international standing, which include intangible qualities which have tangible and significant impact on our development and progress as a nation. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] I have one concern. How would the offices of the President and Ministers manage potential conflict of interest which may arise due to the appointment in their personal capacities? Parliament should have more clarity on this issue. How can we be assured that all input by our President and Ministers at these bodies will be in our national interest?”
“Mr Speaker, Sir, I support the proposed amendments to limit the CPF system to SCs and PRs. Much work and resources are required to administer CPF accounts and to pay interests on the funds. It is timely to close the roughly 300,000 accounts set up by non-SC/PRs from more than 20 years ago, before 2003. May I ask the Minister what is the total amount in these accounts? How much operational savings is expected as a result of these amendments? With the closure of these accounts, the remaining savings will cease to earn the prevailing CPF interest rates. Would CPF consider to stop paying any interest at all? How will CPF Board return the funds to account holders whose bank accounts are closed? Mr Speaker, Sir, in Mandarin. (In Mandarin): What is the deadline for the withdrawal of the monies? In the event of the death of account holders, what is the deadline for the family members or beneficiaries to claim the monies? What happens if the account holder does not have any beneficiary in Singapore? What will CPF do with the unclaimed amount? Can the money, for example, be included as part of the Ministry of Manpower's budget and be used for purposes, such as helping SMEs to train and develop their Singaporean workers? If both the account holder and the spouse had passed on and the account owner had few children, will all their children be classified as the next-of-kin and receive the same amounts? Regarding the amendments to disclose deceased members' CPF information to nominees and beneficiaries without the need to obtain a Court order, what happens if the next-of-kin is neither a nominee nor beneficiary? Can he still get the deceased's CPF information? (In English): I support the Bill.”
“Thank you, Speaker. Many average Singaporeans and small and medium enterprises (SMEs), especially the smaller merchants like hawkers do not have spare cash and maintain only one operating account with a particular Singaporean bank. Neither do they have the means to seek legal recourse against the bank for the loss of business opportunities as well as the inconvenience caused. So, my question to MAS is, how does MAS decide when to impose a mortarium on new business venture or to impose a higher regulatory capital or to impose a larger network of ATMs?”
“Speaker, many small and medium enterprises (SMEs) are facing manpower constraints and rising business costs which include the escalating COEs when they refresh their commercial vans. I am enlightened by MOT's consideration, as explained by the Senior Minister of State. Can MOT work with agencies, like Enterprise Singapore and PUB, to promote the application of schemes like the Enterprise Sustainability Programme and Energy Efficient Grant so that the SMEs can reduce the overall business costs via these schemes?”
“How about philanthropic funds which invest in the mitigation of climate change globally, in other words, the beneficiaries are located overseas? Singapore has to strengthen the ecosystem of compassion, capital and expertise to tackle the crisis of global warming and loss of biodiversity. The abovementioned proposed changes can encourage funds to pay more attention to the social causes that require investment, impact and compassion. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] At a time when business costs are high, disbursing resources to pursue innovation is unlikely to be top of mind for most business owners. Yet, the current macroeconomic climate presents the best timing to invest in innovation so as to offset some costs. But any Government scheme is only as good as its utilisation. I hope Government can work with the SME centres, business associations, business consultants and the Centres of Innovation to promote EIS to the SMEs. Can EIS be used to fund the education and upskilling of staff which are foundational to developing an innovative mindset and maximising the value technology can bring to their businesses? (In English): I would like to conclude with my support for the Bill.”
“Another potential area of ambiguity concerns investment entities, such as special purpose vehicles set up by investment funds and family offices. Does a special purpose vehicle which have not applied for the fund tax incentive scheme need to prove that it is a pure equity-holding entity in order to qualify for exclusion? Are investment companies, investment funds and SFOs investment vehicles that carry on their businesses in Singapore, through Singapore-based fund managers and Singapore-based SFOs with Singapore-based operations excluded from this proposed change? I would also like to seek confirmation that foreign tax credit will be granted if foreign taxes have been levied on these gains. I would now like to comment on MOF's proposal to require intermediaries, such as real estate and insurance companies, to submit the income data of SEPs directly to IRAS. I support this as it will facilitate the income tax assessment of these SEPs, as well as the administration of schemes that cover SEPs, such as the WIS and various support grants. When will this be extended to other intermediaries, such as parcel deliverers and taxi operators? This is a good proposal as it removes the hassle of SEPs having to input their tax submission and ensures accuracy. SEPs will have a lighter administrative workload and fewer concerns about wrong declarations. Next, will the PTIS be applicable for philanthropic funds that finances sustainable projects located overseas like the retirement of coal fired power plants? Can philanthropic funds which invest in and help Singaporean small and medium enterprises (SMEs) to decarbonise qualify for this scheme too?”
“Mr Speaker, Sir, I would first like to address the topic of tax gains from the sale or disposal of foreign assets that are received in Singapore by businesses without economic substance in Singapore. The new section 10L treats gains received in Singapore by an entity from the sale of immovable or movable properties situated outside Singapore – referred to in the section as foreign assets – as income chargeable with tax. This proposal is significant as it marks a key and fundamental shift in Singapore's longstanding policy of not taxing gains of a capital nature. This change is largely driven by a multilateral tax policy-making environment. Otherwise, Singapore may be monitored by the EU, with potential repercussions for Singapore's reputation. This proposed change by MOF may lead companies to reconsider the best place to receive such gains. How many multinational enterprises (MNEs) will be affected by this amendment in Singapore? Will this affect our global appeal due to the uncertainty over the impact on investment vehicles? The proposed amendment affects only companies that have entities without economic substance in Singapore but hold foreign assets. Companies will not be taxed if they can show "reasonable" economic substance in Singapore. However, reasonableness is subjective. Will MNEs incur taxes if the foreign assets are sold as part of an internal restructuring? Is the gain derived from subtracting the net book value from the open market value? If the sale of the foreign asset is to a related Singapore company, would the Ministry consider making an exception to accept the use of net book value as sale value for internal restructuring purposes?”
“Thank you, Speaker. I have two supplementary questions for Minister of State Alvin Tan. Does MAS have any roadmap to expand the COSMIC financial crime risks to new or known trends that may post a reputation risk? And how does MAS decide to disseminate such intelligence deriving from STRs in a timely manner to other financial institutions as part of the ACIP public-private partnership that have proven to be effective, especially when it is not uncommon that such money laundering suspects hop banks after their accounts were closed by the previous bankers?”
“For more effective implementation, tighter and more comprehensive collaboration amongst Government agencies, educational institutions and the commercial sector is needed in order to develop a complete support network for families. I would like to take this opportunity to urge the Ministry to launch a public awareness campaign to enlighten parents about their rights and advantages with this Bill, ensuring that all eligible families may benefit from its provisions. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Lastly, like what Nominated Member of Parliament Mr Mark Lee mentioned yesterday, we need to be mindful of the challenges that SMEs face when dealing with additional parental leave even if it is unpaid leave. These challenges include staffing gaps, business continuity issues and increased operational costs. SMEs often operate with smaller workforces compared with larger corporations. When employees take extended paternity leave or additional Unpaid Infant Care Leave (UICL), it can result in significant staffing gaps. Relative to large corporations, SMEs are more vulnerable to the impact of employee absenteeism. The absence of even one key employee can disrupt the day-to-day operations and put added pressure on the remaining staff. To manage staffing gaps during extended leaves, SMEs may need to hire part-time or temporary staff. This can lead to increased operational expenses, which can be especially strenuous in sectors like retail and F&B, where staffing needs are often instantaneous. The cost of recruiting, training and paying temporary staff can strain the SME's cashflow momentarily. Can the relevant Ministry explore the possibility of reimbursing and recognising these SMEs which are supportive towards their employees?”
“Mr Speaker, Sir, I rise in support of the Bill which will assist and support couples in raising children. The amendments will help them to better balance their work responsibilities and the critical task of bringing up the next generation. One of the most noteworthy provisions of this Bill is the expansion of parental leave options. The Bill proposes to increase Unpaid Infant Care Leave for Singaporean parents with infants under two years old by six days per parent per year for the first two years, with amendments requiring companies to offer this additional time off to all qualified Singaporean parents who have worked for at least three months. Longer parental leave periods not only foster stronger parent-child bonds but also contribute to healthier emotional development in children. By extending the duration of paid leave, we empower parents to be present during those crucial early stages of their child's life. Furthermore, this Bill addresses the need for fathers to be more involved in the care and nurturing of their children. Research has shown that the greater involvement of fathers is beneficial for children, contributing positively to their children's physical and cognitive developments. The enhancement of the Government-Paid Paternity Leave and Government-Paid Paternity Benefit schemes are much welcomed. More shared parental responsibilities will also support mothers who need to juggle work and household tasks in addition to childcare. I urge the Ministry to continue to study the effects of these policy reforms on child development, parental well-being and worker productivity. This information will be used to drive future legislative changes.”
“Thank you, Mr Speaker. I have two supplementary questions. Member Zhulkarnain and myself have many young residents who are studying at Kinderland Choa Chu Kang. But at the same time, we also have residents who are teaching at the same centre. One told me that many preschool teachers are demoralised. What is Ministry's view of certain operators banning mobile phone devices of the preschool teachers in classrooms and would this discourage whistle-blowing? At the same time, does ECDA have a hotline for the preschool teachers to call so that they can whistle-blow, or they have a listening ear to turn to?”
“What can be done to reassure small businesses which may be worried about compliance costs and whether their leases conform with the law? For example, it can cost $1,000 to $3,000 to engage a lawyer to review and amend a lease agreement, which can be quite significant for some businesses. How can small tenants seek help to resolve disputes over non-compliance with the Bill and Code? Apart from FTIC and the Singapore Mediation Centre (SMC), are there other communication channels which are convenient and accessible to small businesses?”
“One example is to go beyond sharing of sales data metrics by trade category before signing a lease. Monthly updated information on footfall and the average rental per square foot by mall, building or floor, should be public information, just like for residential properties as well. An open and transparent market will be beneficial to all stakeholders – landlords, tenants and consumers. Mr Speaker, Sir, in Mandarin. (In Mandarin): The Bill and Code are important steps forward for the retail industry. They will help to ensure a level playing field for tenants and landlords to negotiate lease agreements in openness and good faith. They will also support entrepreneurship by providing businesses with guidance and certainty on the lease negotiation process and helping them make informed business decisions based on their commercial interests. However, many small landlords and tenants have long-term leasing agreements. Based on their long-standing relationships, they may not regard lease negotiations in the same way as parties in commercial malls do. For example, many HDB shops pay a lump-sum rent that is not tied to a specific psf rate, since they do not use psf as a benchmark to negotiate their rent. Some coffee shop operators sublet food stalls by verbal agreement. Hence, small businesses may not be sufficiently aware of the legislation to help them in their lease negotiations. What will the Ministry do to raise awareness of the Bill and Code and communicate their benefits more widely to the industry, especially among small businesses? Will the Government consider conducting townhalls and roadshows to reach out to these businesses? Will these events be conducted in dialects?”
“Mr Speaker, Sir, I rise in support of the Lease Agreements for Retail Premises Bill. The proposed legislation will help to level the playing field for tenants and landlords. It will enhance fairness and transparency during the negotiation process and empower both parties to make informed decisions. This Bill supports entrepreneurship by providing businesses with guidance and certainty. We can expect beneficial change for the whole community, not just the retail sector. Although some landlords had voluntarily adopted the Code of Conduct, mandating compliance with the Code will ensure that all retail sectors and tenants will be covered and will benefit from it. This will be especially helpful for small business owners with limited means and information resources in their negotiations with landlords. I would like to ask about sub-tenants, many of whom are sole proprietors, such as those commonly present in the heartland areas, like the ones Ms See Jinli Jean had mentioned just now. They form an important part of our communities, providing products and services catered to their customers’ specific needs in the housing estates. Will they also be able to benefit from this legislation and obtain access to the necessary information, which will be made available to the main tenants? We want to continue to support these local businesses, some of which are quite unique, preserving our cultural heritage in the products and services rendered. More balanced bargaining power will maintain fair rates and would allow these entrepreneurs to prosper as well as to continue to contribute to the lively nature of the heartland districts. While the Bill is undeniably a huge step forward in advancing the rights of tenants, more can be done.”
“Taiwan can achieve a water recycling rate of 75% in the wafer fabrication industry as manufacturers adopt advanced water recycling and treatment technologies. Can the Government support the development of this technology and upskill the local corporates which play a critical role in this space like advanced water treatment, chemical and particle removal and dilute chemical recovery? Is the growth in water demand resulting in an increase in the average cost of water production which may be passed on to our Singaporeans? How is the Government addressing this impact in the long run? What role does PWS play in Singapore's water security strategy and what is the desired PWS landscape in the long term? Under what type of circumstances will PUB take immediate action to remove obstruction?”
“Mr Speaker, Sir, Singapore and Malaysia have a long-standing history of water agreements due to Singapore's lack of natural water resources. The issue of water supply was a point of tension in bilateral relations between Singapore and Malaysia. There have been occasional disputes and disagreements over water pricing and other related matters. As water is a critical resource, any change or threat to water supply can have significant implications for Singapore's water security and Independence. It is timely that we discuss this Bill as we celebrate Singapore's 58th birthday next week. I support this Bill but I have a few points for clarification. Can I confirm that the WBT and WCT will not have any cost implications for the small and medium enterprises (SMEs) and individual consumers? We are competing with many countries like South Korea to attract MNCs in the wafer fabrication, biomedical and electronics industries to set up plants in Singapore. Will the new water efficiency requirements result in additional cost burdens for these multinational corporations (MNCs)? This may impact Singapore's competitiveness in attracting companies in these sectors. What is the Government doing to support them? Regarding companies that have genuine reasons for not being able to meet the water efficiency requirements, I hope PUB can take a balanced approach. While we encourage compliance with water efficiency standards, I hope PUB can also consider the challenges faced by individual companies. I hope there will be avenues for companies to seek waivers or apply for exemptions if they can demonstrate valid reasons for not meeting the requirements. PUB should assess each case on its merits and decide whether to grant leniency based on the company's circumstances.”
“Thank you, Speaker. A supplementary question to Minister Chan. In the event that a Permanent Secretary or a director or a chief executive of a Statutory Board is being invited to assist with any investigation, will he or she be asked to take a leave of absence?”
“Thank you, Speaker. Can I confirm with the Minister of State the loss is a result of currency translation as well as money market operations, so as to help Singaporeans, especially the SMEs to cope with the rising business costs as well as the rising cost of living?”
“In conclusion, the Maintenance of Parents (Amendment) Bill provides us with an opportunity to address the changing social dynamics in Singapore. I believe in taking a proactive approach by working with MOE to integrate teachings on filial piety and family values into our educational system. By nurturing a sense of responsibility and care for our elders, we can shape a society where the financial responsibility towards parents is shared, while upholding our cultural values. Let us engage in meaningful discussions, seeking input from all segments of society, to craft a legislation that respects our traditions, recognises the evolving nature of our families, and ensures a fair distribution of financial responsibilities. Thank you and may we work together to build a compassionate and harmonious society for all Singaporeans.”
“Furthermore, we should encourage open dialogues amongst family members to discuss their financial situations, expectations and concerns. This transparency can foster understanding, empathy, and a shared commitment among siblings to provide support according to their means. Such conversations should be approached with sensitivity, recognising the unique circumstances and financial capabilities of each family member. Hence, I support the amendment to the Act to boost the powers of the Tribunal for the Maintenance of Parents and the Commissioner for the Maintenance of Parents so that neglected elderly parents are adequately supported. As for the amendment to prevent parents who have abused, abandoned or neglected their children in the past from misusing the Maintenance of Parents Act, I have a question. What happens if a parent had supported the child for a number of years before moving out of the child's life? In some relationships, the interactions might be a combination of both care provision and abuse, or partial care and financial support in some years followed by abandonment or neglect in other years for a variety of reasons, such as conflict with the other parent, family problems, health or mental illnesses, and so on and so forth. Would the Ministry accord the parent some partial support from his children? Another question I have is regarding the child from whom the parent seeks support. What if the parent has a few children but only seeks support from a particular one? For example, the parent may choose to ask only – may only ask help from a child who happens to be unmarried with no children of his own. With or without children, everyone has an equal responsibility to support his or her parents. Will the Ministry help to mediate for fairness?”
“I advocate for leveraging the Ministry of Education (MOE)'s curriculum to incorporate the teachings on the importance of filial piety and the moral aspects of being good citizens. By integrating these values into our educational framework, we can nurture a sense of social responsibility and compassion in our younger generations. I propose an integrated curriculum where MOE can work with relevant stakeholders to include teachings on filial piety and family values into a variety of disciplines, at various grade levels. This strategy guarantees that students obtain a well-rounded education that emphasises vital moral and social ideals. Education should be made holistic, in addition to academic courses, the curriculum should include character and citizenship education. We can cultivate well-rounded individuals who appreciate the need of helping their parents as they age by adding teachings on empathy, respect and responsibility toward family and elders. Education plays a pivotal role in shaping the moral compass of our society. By embedding the principles of filial piety and family values into our curriculum, we can promote an understanding of the significance of caring for our parents and elders. Through age-appropriate lessons, children can be taught the value of financial planning, the challenges of aging and the importance of supporting their parents in their later years. Additionally, we must acknowledge the importance of community engagement and support systems. It is not solely the responsibility of children to shoulder the financial burden alone. By fostering a sense of community care and establishing support networks, we can share the responsibility and ensure that no family or child is overwhelmed by the financial obligations of supporting ageing parents.”
“Mdm Deputy Speaker, the traditional concept of filial piety, deeply ingrained in our Asian culture, faces new challenges today. This amendment Bill has sparked discussions about the changing social dynamics in our society. We are compelled to question the extent of financial responsibility that children should bear toward their parents as we navigate through the complexities of a rapidly ageing population and evolving family structures. With increasing life expectancies, how can children support their parents through a longer period of old age, even as they strive to provide for their families and their own retirement, is becoming an issue of concern. We must find a delicate balance that upholds our cultural values while addressing the financial realities faced by families today. First of all, though, the fundamentals. How can we instil in our children from a young age the values of responsibility and care for their elders, the moral aspects of a good citizen "好公民"? Madam, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] The Chinese saying "caring for the elderly and the young as if they are our own parents and children" reflects our values of filial piety and collective responsibility in Chinese culture. Life is, in itself, a cycle, our parents pushed our strollers when we are infants, we push our parents in their wheelchairs when they are aged and sick. (In English): There is a traditional Chinese saying about caring for the elderly and the young as if they are our own parents and children, which reflects the values of filial piety and collective responsibility in Chinese culture. Life is, in itself, a cycle. Our parents pushed our strollers when we were infants. We push our parents on their wheelchairs when they are aged and sick.”
“So, does this mean that Singapore cannot take back the grant in the event Singapore has an emergency? If this is the case, why would Singapore want to provide such a grant? How does it benefit Singapore? I appreciate that by supporting IMF, Singapore can also contribute to poverty reduction, improved infrastructure and increased access to clean energy in developing countries. This, in turn, can foster economic growth and stability, benefiting the global economy which Singapore is part of.”
“Although not directly related to this Bill, but since the Singapore Government funds the operations of IMF's offices in Singapore, can Singapore be given priority to support IMF's capacity‐building efforts in providing training, knowledge sharing and technical assistance on climate‐related topics to member countries? Can MAS and IMF jointly provide some form of "aircover" or support to the financial institutions in Singapore so that they will be incentivised to provide transition finance to the brown industries in the region? This will certainly boost Singapore's capacity as well as status as a green economy hub. This is affirmed by a recent article published by the Massachusetts Institute of Technology Center for Energy and Environmental Policy Research, which states that many Association of Southeast Asian Nations (ASEAN) countries face the challenge of reducing greenhouse emissions while at the same time expanding energy supply to meet the needs of their rapidly developing economies. Next, section 4 of BWAA empowers MAS to subscribe to Singapore's quota share which is currently Special Drawing Rights (SDR) of 3.9 billion amounting to about US$5.5 billion. Is this a funded or unfunded commitment? If it is funded, what is the interest rate and can we sell the SDR back to IMF in the event Singapore needs funds urgently? Who does IMF borrow from currently? Where is Singapore in the repayment pecking order? I just want to make sure that Singapore's interest is not being compromised and agreements are entered into on a pari passu basis. The agreement allows Singapore to provide a US$20 million grant to the Poverty Reduction and Growth Trust (PRGT) which provides loans to low‐income countries. I understand that there is no stipulated repayment date.”
“Mr Deputy Speaker, I declare that I am working with a Singaporean bank. I support the Bill, but I have a few points of clarification. The Bretton Woods Agreement, signed in 1944, resulted in the creation of the IMF and the World Bank. While these institutions have played important roles in global economic stability and development, I feel that they face challenges in addressing the complex issue of climate change. Through our Government's fulfilment of our commitment to IMF, can Singapore influence IMF to prioritise climate change as a central component of its operations? This may include integrating climate considerations into their policies, lending practices and technical assistance programmes. As mentioned by Senior Minister Tharman Shanmugaratnam on 8 June 2023, MAS aims to bring together philanthropies, multilateral development banks, development finance institutions and donor partners to channel blended finance at scale into transition and green infrastructure projects into the region. I hope MAS can invite IMF to come on board as IMF also has the means to provide adequate financial support to emerging countries for climate mitigation and adaptation efforts. IMF can play a role in facilitating this coordination by fostering dialogue and collaboration between developed and developing countries, as well as providing technical assistance in developing climate‐related policies. For example, IMF can broker more carbon credit cooperation between the developing countries and Singapore, so that there is a good range of carbon credits for our large carbon emitters to choose from in Singapore.”
“Many international trade transactions are settled in United States (US) dollars and the bulk of US dollar remittances are cleared through US banks like JP Morgan, Wells Fargo and Bank of New York. I urge MAS to include Singaporean branches of the abovementioned US banks to participate in COSMIC. How does MAS intend to synergise the information that it collects via COSMIC with the STR that these six banks file with the STRO so as to strengthen the risk monitoring of the financial sector? Will the enhanced intelligence be shared with other Government agencies, such as the Singapore Police Force and the Attorney-General's Chambers, to investigate and prosecute money laundering and terrorism financing cases? How much does it cost to set up COSMIC and is MAS funding the development of this system? Do the participating banks need to pay a subscription fee or transaction fee? Singapore's position as a finance and business hub is strengthened after COVID-19 and we are seeing a record number of family offices and high net-worth individuals transferring their assets to Singapore. It is important for MAS to share about the risks and implications of money laundering and terrorism financing with their bankers and fund managers. This could include the development of tailored training programmes and seminars, as well as the dissemination of information and guidance materials to promote greater awareness and understanding of these issues, which may implicate Singapore's reputation.”
“Mdm Deputy Speaker, I declare that I am working with a Singaporean bank but I am not performing compliance nor revenue generating functions. I support the Bill, but I have few points to clarify with the Minister. Will this new Bill override the regulations stated in the Banking Secrecy Act and the Personal Data Protection Act 2012 (PDPA) so that these six banks can share information with one another? What are the job roles within these six banks which are authorised to access such information? Assuming the bank's compliance officer is authorised to retrieve the information shared by another bank, is there a Chinese wall that prevents the information from being shared with the salespeople? How does MAS prevent these banks from abusing the information obtained from their competitors? All banks are required to participate in the Credit Bureau, which is the central repository of credit information for individuals and businesses in Singapore. It collects and maintains credit-related data, such as credit accounts, repayment records and bankruptcy information from all banks that are licensed by MAS. This centralised system allows lenders to access a borrower's credit history from a single source rather than having to collect the information themselves. This helps to reduce the risk of lending and makes the lending process more efficient. Along the same vein, why can MAS not request all banks, especially private banks, to subscribe to COSMIC? Will people with ill-intent not bank with the other FIs which do not subscribe to COSMIC so as to circumvent detection? How are the thresholds being determined and what are the "red flags" and transactions that will be flagged?”