SMU Professor of Accounting (Practice) Sum Yee Loong was of the view that on the whole there should not be any drastic changes to Singapore’s tax system, as Singapore gears up for its 2014 Budget debate next month. He suggested that several areas could be fine-tuned, but noted that “All the big initiatives have been introduced over the last 10 years”. He gave various suggestions to tweak the Productivity and Innovation Credit (PIC), and corporate and individual taxes, which he said would bring in more revenue.