Singapore tax policies must change with domestic needs, global trends

THE Committee on the Future Economy set up by the Singapore government has proposed to change the country's economic direction from one that is "value-adding" to one that will be "value-creating". As Singapore looks to transform its economy with this paradigmatic shift in growth focus, transformation must also occur at the level of tax policies given that tax is a cornerstone of the country's fiscal policy. Clearly, change, driven by both domestic growth needs and global tax trends, must be contemplated.

Tireless push for innovation

Innovation has been deemed as possibly the single most crucial driver that can create a step change in our economic repositioning. No doubt, businesses must innovate - whether seen in products, people, processes or business models - so as to remain commercially competitive and viable in a knowledge-based economy.