ISCA Viewpoint
Roundup of ISCA Pre-Budget Roundtable 2018
07 Feb 2018
The ISCA Pre-Budget Roundtable 2018 was held on 9 Jan 2018. Centred on the theme ‘Partnering for Business Growth and Job Creation’, a distinguished panel of industry leaders gathered together to discuss issues on the Industry Transformation Maps (ITMs), the Digital Economy and Business Competitiveness, Jobs and Skills, Internationalisation and Innovation at the ISCA Pre-Budget Roundtable 2018.
Here are some excerpts of the comments from the Roundtable below.
For the event update, read the article in the February issue of the IS Chartered Accountant Journal.
To receive the latest updates of happenings and learning from events, follow ISCA on LinkedIn.
On the issue of Industry Transformation Maps (ITMs), Mr Piyush Gupta, in his capacity as Chairman of the Association of Banks in Singapore (ABS), shared that what we have to create is not a transformation roadmap but a transformation capability – to to create industry capacity to experiment and continue to change.
Chief Executive Officer of Singapore Business Federation, Mr Ho Meng Kit shared that Industry Transformation Maps (ITMs)are a valuable tool and framework for the industries but awareness among businesses needs to be improved.
Mr Kon Yin Tong, Managing Partner of Foo Kon Tan LLP & Vice President of Institute of Singapore Chartered Accountants shares during the ISCA PBRT2018 that skills we learn today could be obsolete tomorrow – while competencies like critical thinking will last a lifetime.
Mr Vincent Tan, President of the Restaurants Association of Singapore shared on the topic of jobs & skills for the future. The focus should be put back on the industry – for training courses that are more relevant for the future.
On the topic of internationalisation, Mr Douglas Foo, President of the Singapore Manufacturing Federation suggests that tax can be deferred for Singapore businesses going overseas to give them more resources at the start. Businesses could also consider working in partnership or business model innovation instead of physically sending people or set up facilities overseas.
Mr Koh Yeong-Kheng, ASME Council Member and Honorary Treasurer of ASME shared at the ISCA PBRT2018 that while most SMEs here recognize the need for internationalisation - talent shortage is the real problem for SMEs. A suggestion is to allow the educational subsidies given to children schooled locally to be utilised overseas as well if their parents are sent to work overseas. This will help open up the talent pool for SMEs.
If SG is really serious about innovation, startups and tech – be targeted & outcome-driven. Instead of tax deductibility from the IRAS R&D tax incentives, identify deep-tech startups and give cash incentives to create that one hundred promising startups that can really scale. - Mr Max Loh, Managing Partner, Asean & Singapore, Ernest & Young LLP
Prof Sum Yee Loong, Board Member at Singapore Institute of Accredited Tax Professionals and Professor of Accounting (Practice) at Singapore Management University shares his thoughts on spurring innovation among businesses at the ISCA PBRT2018 – “Let’s have a double deduction for product enhancement & product development that would become a lot more useful and a lot more industry-friendly.”
Mr Saw Ken Wye, Chairman of SGTECH shares that when it comes to the digital economy or IT adoption for productivity - It is about people. The technology may be there but people must be prepared to accept and try.
On the topic of digital economy, Mr Chris Woo, Head of Tax, PwC Singapore shares that one of the barriers to adoption of technology is the mindset that technology is a threat that will take away jobs. We need to convince people of the opportunities in adopting technology and not be just focused on the threats.
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