Riding on the momentum to move backwards

Budget 2021 represents an opportunity for the government to act to remove the cap that the Loss Carry-Back Relief system is subject to.

Published Tue, Oct 27, 2020 · 09:50 PM

Taxes

IN CONFIRMING recently that UK Chancellor Rishi Sunak's Autumn Budget had been cancelled, his office issued a statement saying: "...now is not the right time to outline long-term plans - people want to see us focused on the here and now".

Locally, Deputy Prime Minister Heng Swee Keat similarly sent a clear signal to anyone who might still be harbouring misguided hopes of expansive fiscal measures, by emphasising in his Facebook post on Oct 3, 2020 that "...there will not be a new round of support measures".

Aligning with the theme of being targeted and offering an immediate suggestion, I detail below my sole Budget wish of a trending tax reform measure, centring on the business case for liberalising Singapore's Loss Carry-Back Relief (LCBR) system.

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