Singapore's R&D tax in need of disruption

IN AUGUST 2017, Singapore's Finance Minister Heng Swee Keat mentioned at an industry event that investments in research and development (R&D) by businesses in Singapore grew 8 per cent year-on-year from 2010 to 2015. He also made the point that while the increase in R&D investment is encouraging, companies should not simply innovate in silos. Instead, they should be open to new possibilities and look outside of themselves, bringing together knowledge and insights across different areas, so as to really champion innovation and effect change.

In the same vein, hence, it can be argued that the impending demise of Singapore's Productivity and Innovation (PIC) scheme is counter-productive. Wit…