SINGAPORE - Anticipating a tough year ahead for the Singapore economy, businesses hope the Budget will contain support for firms to innovate and develop capabilities in research and development, while also enabling them to hire more older workers.
The SBF SME Committee submitted its recommendations to the Government on Dec 28 last year. Representing over 26,000 companies, SBF issues a list of recommendations for the Budget every year, some of which have been accepted. The government can also put more resources into collaborative research and development between institutes of higher learning, research organisations and local small and medium-sized companies ."An option for a cash or cash-back system for companies that are not paying tax can be introduced to drive R&D activities amongst SMEs which are not yet profitable.
A Temporary Employment Credit, which helps to cushion employers' costs in increased contributions to the central provident fund , can also be reintroduced every time the CPF contribution rates for older workers go up over the next decade.
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