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Government project quotation cap raised to S$90,000
THE upper limit for quotations in government procurement projects will be raised to S$90,000 this year from S$70,000 previously, making it easier for small firms to capture such projects, Second Minister for Finance Indranee Rajah announced in the Ministry of Finance's Committee of Supply debate on Thursday.
Prior to this, projects above S$70,000 in value would have to go through the tender process. Regarding the raised upper limit, Ms Indranee said: "Smaller companies and startups without GSR (Government Supplier Registration) can capture higher-value government projects through quotations, which come with simpler contractual terms and conditions and tend to be processed more quickly.
"We hope that many among the 12,000 suppliers who participate in quotations but not tenders will benefit from this," she added.
Separately, the Companies Act will be reviewed this year "to expressly provide for the use of digital means for companies to conduct meetings and interact with stakeholders", said Ms Indranee. This paves the way for virtual annual general meetings, which have been adopted by Fortune 500 companies such as HP and PayPal.