In particular the Internet of Things (IoT), can be really critical in the healthcare environment and could help to deliver higher patient care standards. Coming as a surprise, was his announcement of a budget surplus of S$9.6 billion, far exceeding the forecasted surplus of S$1.9 billion. The implementation of the PSG, is to make the process easier for companies. Budget 2018 is about building the future of Singapore from a position of strength. Views from our experts on the Singapore Budget 2018 statement. As digital technologies are increasingly transforming Singapore’s economy, developing digital capabilities become a priority. On February 19, Singapore announced its budget allocations for 2018. Finally, “to foster persuasive innovation” said the Finance Minister Heng Swee Keat, a new grant to assist SMEs in their digital transformation journey will be introduced: the Productivity Solutions Grant (PSG). The goal is to provide businesses with opportunities to use new technologies as a competitive advantage. It will come into effect from April 1, 2018 to replace the Production and Innovation Credit (PIC) which will expire this year. “For businesses that want simpler solutions for improving productivity, pre-scoped productivity solutions are a tried and tested way to achieve quick results” said the ministry’s Senior Minister of State, Ms Sim Ann. Source: Singapore Budget 2018: impact on business innovation. {{contentList.dataService.numberHits}} {{contentList.dataService.numberHits == 1 ? At Budget 2018, our Finance Minister announced several new policies and changes focused on preparing Singapore for a better future. It supports our transformation into a vibrant and innovative economy, and a smart, green and liveable city. This page provides - Singapore Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news. We offer a range of solutions from SAP Business One (ERP) to SAP Hybris Cloud for Customer. All these point to the Singapore economy taking spotlight as the key winner of this year’s Budget. With the growing implementation of innovation in companies’ organization and the greater competition, Singapore wants to make innovation pervasive in order that every type of firms embrace innovation, even the SME’s. The overall focus of Budget 2018 for businesses is on capturing opportunities in the next decade through industry transformation to anchor Singapore as a global and regional hub for innovation, technology and enterprise. It also fosters a caring and cohesive society while ensuring a fiscally sustainable and secure future for Singapore.” Heng Swee Keat, finance minister. Over 20 years of local and regional tax experience across a wide range of industries. The new Singapore’s budget has been established in order to capture future opportunities and adopt longer-term transformation strategies. © 2015 - 2020 PwC. The iVend Retail solution will provide retailers with a single, integrated view of the entire retail... S$10.2 billion for healthcare expenditure. {{ vm.siteSelectorList.flyout.cell1.heading }}, {{ vm.siteSelectorList.flyout.cell1.global.countryLocale }}, {{ vm.flyout.cell1.viewAll.newTabAllow }}, Budget 2018: More can be done to spur innovation-led growth, Reactions to the Singapore Budget 2018 Statement, Tax engine to be rebooted as key plank to boost revenue well, Digital Innovation, Technology and Manpower (ITM) Needed For Singapore To Stay Relevant, Singapore businesses want more support to grow in the digital economy. {{vm.newUser1}} For example, S$5 billion has been set aside in the Rail Infrastructure Fund to pay for the new rail lines Singapore has planned. Government Budget in Singapore averaged 7.36 percent of GDP from 1990 until 2019, reaching an all time high of 21.23 percent of GDP in 1994 and a record low of -1.20 percent of GDP in 2015. PwC Singapore’s Strategy Leader, Richard Skinner, tells us more. Click anywhere on the bar, to resend verification email. While some of this year’s Budget measures raised concerns on the rising cost of living, targeted measures are underway to help lessen the impact for the average Singaporean. Also, to keep improving productivity and enhance cash flow, the government worked with the Singapore Business Federation for development of a nationwide e-invoicing framework. United VARs is the world’s largest alliance of SAP Channel Partners and a global SAP Platinum partner. In totality, the combination of strategic measures announced this year strikes a balance between the need to be responsive in a rapidly changing world, while remaining fiscally prudent and socially inclusive. All rights reserved. Indeed, having a dedicated part of the budget for the digitalization of SME’s, allow them to efficiently capture opportunities in and out of Singapore, especially in the manufacturing sector. Secondly in this innovation context, employees need to get digital skills. On the other hand, for larger companies which need help to innovate and internationalise, the Government will offer a new Enterprise Development Grant (EDG). Singapore’s Budget 2018, has been establish according to new technologies and... Singapore, April 8, 2019 – Axxis Consulting and CitiXsys, a global omnichannel retail solution brand, have announced their partnership to offer Singapore retailers the iVend Retail solution, an enterprise class omnichannel solution, that will enable them to maximise their sales and margin potential by delivering a seamless shopping experience for customers across all channels. It supports our transformation into a vibrant and innovative economy, and a smart, green and liveable city. This will allow SME’s employees to learn emerging digital skills: data analytics, artificial intelligence, the Internet of Things and cybersecurity. You will not receive KPMG subscription messages until you agree to the new policy. It is one grant for companies to upgrade capabilities, innovate and internationalise. Though the focus was predominantly on domestic items such as an impending tax … PwC Singapore’s Corporate Tax Director, Huang Meiqi, sums it up in less than 2 minutes. It focuses on helping companies to grow, while creating an environment which continues to be attractive to inward investment. At the same time, helping local companies cope with near-term cost pressures is not forgotten, with the extension of the Wage Credit Scheme for three more years. We want to make sure you're kept up to date. PHOTO: AFP . You will not continue to receive KPMG subscriptions until you accept the changes. Indeed, since the Tech Skills Accelerator (TeSA) was launched in 2016, over 27,000 training places have been taken up. Singapore Budget 2018: Tackling skills shortages - Being pro-worker in a pro-business city. By adopting a global mindset and having a focus on transformation, SMEs have a few years to future-proof their business before some of the Budget support schemes expire and the tax hikes kick in. Thus, with the use of digitalization, it will simplify day-to-day operations so employee will spend more time on business development rather than operational issues. Singapore Budget 2018 Strategic transformation - the way forward Digital, innovative, and open to change - this is the future of Singapore. Please see www.pwc.com/structure for further details. In this context, the SMEs Go Digital Programme has been launched in 2017, and more than 650 SMEs have benefitted. To encourage companies to reduce emissions in pursuit of a smart, green and liveable city, details of the previously announced Carbon tax to be implemented from 2019 were also outlined. Ryan Goh, general manager of Zebra Technologies Asia Pacific, considers that Technology is fundamental to help the healthcare sector to deliver a wider range of services, such as personalizing healthcare delivery; deliver better healthcare outcomes… Ryan said: “Any allocation of more expenditure toward healthcare is certainly a positive step.”. At Axxis Consulting, we pride ourselves in helping SMEs in Singapore and throughout Southeast Asia with their digital transformations through the implementation of SAP software solutions. It supports Singapore companies in market and business development, innovation and productivity and core function and capability. Since the last time you logged in our privacy statement has been updated. Please note that your account has not been verified - unverified account will be deleted 48 hours after initial registration. Another proposal is the piloting of a Capability Transfer Programme which supports the transfer of skills from foreign specialists to Singaporean workers. With this in mind, companies and individuals need to rethink their place and relevance in our future economy. For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. Our businesses and workers must differentiate themselves, and continue to venture abroad. This programme will be developed to extend people digital skills. Gearing up for Singapore Budget 2018 - Proposals to enhance Singapore’s economy It’s the Singapore Budget season again! United VARs... Singapore’s Budget 2018 “Singapore’s Budget 2018 is a strategic and integrated plan to position the country for the future. To do so Singapore’s economy has to adapt in response to the emergence of new technologies, in order that companies keep up, and employees adapt to the skills required by their job. In 3 minutes, our tax expert, Kexin Lim, walks us through this year's Budget measures which SMEs can tap on to position or re-position their businesses for the future. Finance Minister Heng Swee Keat has delivered a Budget which is strategic, calibrated and confident. Will Budget 2019 budget for what matters? The goal of this new budget is to meet the need of companies to differentiate themselves from their competitors, by moving away from competing, based on cost and differentiate through innovation. All rights reserved. This program will provide up to 70 per cent of co-funding for SME’s to build a range of capabilities. Being part of this alliance allows Axxis Consulting to have seamless access to over 10,000 SAP experts in over 80 countries. “As doctors and nurses see hundreds of patients every day, they will be able to leave the laborious, manual tasks to the machines, freeing up their minds and hands to focus on better patient care,” said Goh. Coming as a surprise, was his announcement of a budget surplus of S$9.6 billion, far exceeding the forecasted surplus of S$1.9 billion. New markets are about to emerge, with new needs to meet. Budget 2018 takes a significant step forward by setting a targeted strategy for the next decade, especially for businesses to move away from cost competition and differentiate via innovation. It will be expanded into sectors like manufacturing and professional services, where digital technologies are increasingly important. What does Budget 2018 means for individuals? Thus, the government will set aside $145 million for TeSA to expand it into new sectors where digital technologies are increasingly important. I was also heartened to see measures to upgrade the skills of our workforce. The SME owner and the employee need to be convicted that being more innovative will give the company a better chance to compete on a regional and global platform. A 250 percent tax deduction for donations made to Institutions of Public Character was also extended for another three years, to foster the spirit of giving among Singaporeans. It supports our transformation into a vibrant and innovative economy, and a smart, green and liveable city. {{vm.newUser3}} To be honest, no big surprises, but more on building on previous themes. Singapore’s Budget 2018, has been establish according to new technologies and an aging population in a fast-growing Asian economic landscape. The applications of IoT can allow a reduction of human errors while retaining the human touch with the help of IoT by helping doctors and nurses to deliver quality healthcare that everyone deserves.

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