ECONOMY | Staff Reporter, Singapore

This is what industry leaders need to know about Budget 2016

It will be a far cry from the Jubilee Budget.

With just a few days to go before the unveiling of Budget 2016, panelists at Singapore Business Review's upcoming Budget Breakfast Briefing note that the new upcoming statement will be particularly prudent and focus on long-term solutions for Singapore's economic woes.

"Budget 2016 might not see a sea change in terms of policy changes, but rather, there might be enhancements and tweaks for short-term fixes with a view to set Singapore up nicely for the longer term," said Chia Seng Chye, Partner - Tax Services, Ernst & Young Solutions LLP.

Anuj Kagalwala, Asset & Wealth Management Tax Leader, PwC Singapore, added that this year's budget will continue the journey that has been laid out in the Jubilee Budget, but will likely have fewer direct payouts.

“I do not expect major spending initiatives to be introduced in Budget 2016. That said, I expect Budget 2016 to build on key themes of boosting productivity, encouraging innovation and providing assistance to businesses to capture middle and long term growth opportunities while also helping businesses to manage immediate challenges of a potentially slower local economy," said Lee Tiong Heng, tax partner at Deloitte.

“The new term of Government is expected to exhibit practicality and prudence. In the face of a weaker economy, I expect that Budget 2016 will focus on the shift from a value-adding to a value-creating economy in order to develop a strong core of Singaporean businesses to compete globally at the higher end of the value chain,” noted Ajay Kumar Sanganeria, Tax Partner, KPMG Singapore.

SBR's Budget Breakfast Briefing will be held on March 28, Monday, from 7:30 AM to 9:30 AM at The Fullerton Hotel.

Industry partners include Singapore Accountancy Commission, ACCA Singapore, Singapore Institute of Accredited Tax Professionals, AcClarity, KinerjaBisa, Securities Investors Association (Singapore), European Chamber of Commerce, and New Zealand Chamber of Commerce. 

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