Six tax reforms for 2016

In a special feature, SMU Professor of Accounting (Practice) Sum Yee Loong offered some fresh ideas on how to make Singapore more business-friendly and socially aware.  On the corporate front, Prof Sum suggested scrapping a longstanding tax exemption scheme for start-ups as well as to let the popular Productivity and Innovation Credit scheme lapse when it expires in 2018, as he is of the view that both schemes have been subjected to numerous abuses and the government is better off targeting its aid to companies in specific sectors. On the corporate front, he recommended reinstating the tax on the net annual value of properties as a way to discourage the rich from leaving their large properties vacant. Prof Sum also thinks that it is better to scrap tax reductions granted to those topping up Central Provident Fund accounts, and replace them with an additional credit.