EY calls for fintech tax perk, R&D incentives for SMEs

Singapore

A FINTECH tax incentive, new R&D (research and development) incentives for SMEs (small- and medium-sized enterprises), and tax deductions for healthcare expenses are among Ernst & Young's (EY) Budget 2019 recommendations, released in a report on Thursday.

One idea involves administering a fintech tax incentive that offers a preferential rate of 5 or 10 per cent to promote financial-related activities by companies in the areas of digital and mobile payments, blockchain, cloud computing and robotics.