Latest

Check out the latest sights and sounds in and around the Nee Soon community.

Latest

Check out the latest sights and sounds in and around the Nee Soon community.

Can SMEs Keep Up?

SPEECH BY ER DR LEE BEE WAH, MP FOR NEE SOON GRC, AT THE SECOND READING OF THE GOODS AND SERVICES (GST) AMENDMENT BILL IN PARLIAMENT Goods and Services (GST) (Amendment) Mr Speaker, Sir, Easing business compliance is one of the keys towards encouraging business development and start-ups in Singapore, and I am pleased to note that the authorities are constantly trying to clarify and simplify procedures to make the process a smoother one. Additionally, as we strive towards our goal of a Smart Nation,....

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Strengthened Regulations on Related Party Transactions

Speech by Henry Kwek in Parliament on the Income Tax Bill 1. Mr Speaker, I stand in support the bill. The income tax bill amendment is a timely refresh to our tax administration. 2. In particular, I would like to support IRAS’s push for strengthened regulations on related party transactions. 3. The world is changing quickly. OECD countries are facing tremendous fiscal and economic pressures. 4. This pressure resulting in increased scrutiny over the tax policies from lower-tax jurisdiction,....

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Protecting Vulnerable in Digitisation Move

Speech by Henry Kwek in Parliament on the Property Tax Bill 1. Mr Speaker, I stand in support of the amendment. 2. This amendment bill: a. Refines the appeals process, b. Protects our tax base by strengthening enforcement and information gathering powers, and c. Digitizes the communication between IRAS and our taxpayers. 3. While I support the bill, I would like to flag out some concerns regarding the third objective of the bill– specifically the serving of notices via electronic means.....

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Excluding privilege against self-incrimination

Speech by Mr. Louis Ng Kok Kwang, MP for Nee Soon GRC at the Second Reading of the Audit (Amendment) Bill [Bill No. 33/2017]   Introduction Sir, I stand in support of this Bill. Enhancing the Auditor-General’s powers to ensure public accountability of public moneys is welcomed. I have just one clarification to seek. Clarification on exclusion of common law privilege against self-incrimination The new Section 6A states that an individual cannot rely on the common law privilege against self-incrimination to refuse to provide an explanation,....

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Deterring profit-shifting

Speech by Mr. Louis Ng Kok Kwang, MP for Nee Soon GRC at the Second Reading of the Income Tax (Amendment) Bill [Bill No. 36/2017]   Sir, I welcome the amendments introduced by this Bill, and in particular the shift from a guidance-based approach to a formal transfer pricing regime with the introduction of a mandatory transfer pricing documentation (TPD) requirement. This is a significant step in deterring and addressing profit-shifting behaviour, and would align our practices more closely with international tax developments under the OECD BEPS initiative.....

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Should machinery be exempted from property tax

Speech by Mr. Louis Ng Kok Kwang, MP for Nee Soon GRC at the Second Reading of the Property Tax (Amendment) Bill [Bill No. 35/2017]   Introduction Sir, I support ongoing efforts to go green with the amendments for an opt-out scheme for an electronic service. This Bill also provides IRAS will further enforcement powers to do their duties, but some of which may be considered slightly intrusive. To address this issue, allow me to seek some clarifications on the Bill.....

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Will GST extend to e-commerce?

Speech by Mr. Louis Ng Kok Kwang, MP for Nee Soon GRC at the Second Reading of the Goods and Services Tax (Amendment) Bill [Bill No. 34/2017]   Introduction Sir, I recognise the efforts in this Bill to improve our tax system, particularly to ease burdens on all fronts – for business compliance, for administration by IRAS officers and for the experience of taxpayers. The move towards further digitalisation is also a laudable one, in line with our SMART nation initiative.....

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Clarifying powers of security officers

Speech by Mr. Louis Ng Kok Kwang, MP for Nee Soon GRC at the Second Reading of the Infrastructure Protection Bill [Bill No. 32/2017]   Introduction Sir, I stand in support of this Bill. Enhancement of security measures to buildings and provision of powers to security personnel to better protect Singapore’s infrastructure against security risks is timely, in light of the prevalence of indiscriminate terror attacks carried out globally. Further, I applaud the initiative to rope in the business community as part of the shared effort to keep Singapore safe.....

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Cost and environmental concerns of inland craft

Speech by Mr. Louis Ng Kok Kwang, MP for Nee Soon GRC at the Second Reading of the Maritime and Port Authority of Singapore (Amendment) Bill [Bill No. 31/2017]   Introduction Sir, our waterways are our precious assets. They are our iconic tourist spots, venues for sports and our sources of drinking water. Hence I believe any amendments to the MPA Act must augment the way the MPA governs and administers matters in relation to the responsible and safe use of our precious assets.....

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