News from sbr.com.sg Daily news from Singapore Steep cost of Singaporean retirement most read HR & EDUCATION
Singaporeans must save S$5,033 a month for ‘comfy retirement’ That’s a whopping 66% of their yearly wage. According to HSBC’s latest study Future of Retirement: A New Reality, in order to live comfortably during retirement, people in Singapore indicate that they will require 66% (or two-thirds) of their current annual household income which works out to be S$60,400 or S$5,033 per month. ECONOMY
Singapore Budget is ‘Robin Hood Tax’: PwC Is taxing the rich a smart move? Lennon Lee, a partner at PwC Services said the Singapore Budget 2013 is a “’Robin Hood’ like budget - taxing the rich through increased property tax and ARF, and redistributing to the poor, disabled, and needy.”
MAS enforces stiffer rules on motor vehicle loans
release, the Monetary Authority of Singapore will re-introduce financing restrictions on motor vehicle loans granted by financial institutions. The maximum motor vehicle loan amount will depend on the open market value of the motor vehicle purchased.
Maximum loan is 50% for units with over $20,000 OMV. According to a
Singapore to become big beneficiary of
LLP said, “The Government is sending a clear message that it is focusing on those industries where Singapore is, and can be, competitive.” TRANSPORT & LOGISTICS
ECONOMY
Ernst & Young tags Singapore Budget 2013 as ‘Darwinian’ for firms Key beneficiaries are SMEs and low-middle income earners. Ernst & Young released its reactions to the recently delivered Singapore Budget 2013. Adrian Ball, Head of Tax Services, Ernst & Young Solutions 6 SINGAPORE BUSINESS REVIEW | APRIL 2013
HOTELS & TOURISM
Indonesia’s bullish economy 48% of ASEAN tourists are Indonesians. According to ICAEW, Singapore is likely to benefit from Indonesia’s strong domestic growth through increased tourism, but economic growth in the country is expected to remain relatively weak. AGRIBUSINESS
4 reasons why Noble’s big boss insists on being ‘asset-light’ It has survived the worst year ever. According to CIMB, “asset-light” is the new buzzword. Key topics discussed during Noble’s postresults luncheon were its asset-recycling initiatives, strategy, and growth outlook. Having survived its
worst year ever, Noble is looking forward to some normalisation in agriculture profits which should be enough to drive the group’s FY13 profit growth. ECONOMY
Why KPMG thinks tax tweaking must be done in a ‘calibrated way’ And why labourintensive industries must not be ignored. KPMG recently released its reaction on the Singapore Budget 2013. Chiu Wu Hong, Partner, Tax, KPMG in Singapore said, “Tweaks to the existing tax structures have made them more progressive, but this has to be done in a calibrated way to benefit more Singaporeans.”