As growing uncertainty mounts in the global economy due to the US-China trade conflicts, the need to transform Singapore into a globally competitive, self-sustaining and technology-driven nation grows increasingly urgent.
To mark the end of Singapore’s ASEAN chairmanship in November 2018, Prime Minister Lee handed Thailand’s Prime Minister, Prayut Chan-o-cha, a wooden gavel and the Thai premier thanked Singapore for "efficiently driving forward a resilient and innovative ASEAN community".
The underlying narrative of the 21st century has been underscored by technological advancements, whether it be in smartphones and tablets, the advent of social media, machine learning, and artificial intelligence, to name a few.
Globalisation of the economy has resulted in a shift in the way Singapore corporations operate – from local country-specific business models, to global integrated supply chains which centralise functions at a regional or global level.
The SMU-TA Centre for Excellence in Taxation (SMU-TA CET) was set up by Singapore Management University and the Tax Academy of Singapore, to undertake tax research with a focus on international taxation.
In mid-December 2016, Philippine President Rodrigo Duterte visited Singapore on a state visit, and Singapore President Tony Tan highlighted during a state banquet that an increasing number of Singapore companies is eager to invest in the Philippines.
Following the recommendations by the Committee on the Future Economy (CFE), the Monetary Authority of Singapore recently announced that it will relax some of its rules on finance companies to make it easier for small- and medium-sized enterprises (SMEs) to obtain financing.
As the clock runs down on 2016 and with people in a reflective mood, it is perhaps the perfect time to take stock of how the Singapore Government’s PIC-R&D tax incentive has performed as the PIC scheme itself draws to a close after the end of 2017.