Singapore
BUSINESSES and industry players have lauded the measures unveiled on Monday to spur innovation, saying they are much needed to maintain Singapore's global competitiveness as a research and development (R&D) hub.
But observers say that the measures are unlikely to move the needle for smaller businesses which are not keen to pursue innovation in the first place.
Small and medium-sized enterprises (SMEs) already engaged in such activities told The Business Times that the tax deductions are unlikely to encourage them to pursue more R&D, even if budgetary support is always welcome.
Lam Keng Yew, managing director of SME Onn Wah Precision Engineering, said: "If my business requires R&D, we will...