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Singapore Budget Reaction: Initiatives critical in nurturing new generation of businesses: KPMG

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Here are some quick reactions to the Singapore Budget 2015:

Tay Hong Beng, Head of Tax at KPMG in Singapore:

"A high concentration of the tax proposals are skewed towards Singapore businesses and this is in the right direction as we move towards grooming our businesses from productivity adoption to innovation and internationalisation. These initiatives are critical in nurturing a new generation of businesses to create values and venturing abroad."

"Enhancing the incentives to promote innovation is the right step forward as we mature from a value adding to a value creation economy. Branding has also been mentioned as a key factor in internationalisation. However, it would have been a much more complete package if there were a new tax incentive to recognise and promote strong Singapore internally generated brands."

"A forward looking budget with plenty of assistance and helps for Singapore businesses. The next and most critical step is to ensure that these schemes are implemented and made available to businesses that the economy wish to groom and nurture.''

"Overall, a good budget for building a new generation of businesses to innovate and internationalise but it would have been sweeter if there were an initiative to honour our pioneering businesses that have contributed significantly to the Singapore economy as part of SG 50 celebration. This would have helped to inspire our businesses to emulate successful pioneer businesses in their perseverance and visions.

READ MORE: Singapore Budget 2015: Key policy measures