KPMG urges Singapore to expand business perks to sustainability, AI, R&D

A Sustainability Credit Scheme was proposed to help firms with their ESG push.

To help enterprises stay competitive and relevant amid rising costs, KPMG has underscored the need to expand the perks and incentive system to cover trends that drive growth, such as ESG, AI and machine learning.

Chiu Wu Hong, partner and head of private enterprise at KPMG, said tax incentives, funding for innovation, streamlined regulations, and digital-focused initiatives, usually top the wish lists of companies each year.

For 2024, extending support with a special focus on the major growth drivers will help enterprises, big or small, to “stay competitive and agile.”

Singapore can help businesses with their ESG journey by introducing a Sustainability Credit Scheme that offers higher tax deduction to companies that are using sustainable tech or solutions.

Incentivising firms to adopt new technologies while encouraging workers to learn how to use them should also help with the great tech push.

“As for artificial intelligence and machine learning, we should make it pervasive, just like how some of the software tools are being used widely by all companies now,” Lee Bo Han, Partner, R&D and Incentive Advisory, KPMG in Singapore said in the latest episode of KPMG’s SG Budget 2024 Insights. “We should have grants and schemes to uplift all employees to learn about machine learning and artificial intelligence, data management, data analytics and so forth.”

He also stressed the need for the government to make research and development (R&D) more attractive by dangling one of the highest tax deductions available to R&D activities in the country.

He added that the Intellectual Property (IP) development incentive can also be broadened to include patentable IP, in addition to registered IP

“In that way, we are not only encouraging companies to invest in R&D, but we are letting them reap the benefits of recurring income that they derive from the IP developed in Singapore.

Elevated business costs, prolonged market uncertainties globally and tightening of monetary policies were some of the top worries of enterprises in Singapore currently according to KPMG.

Follow the link for more news on

KPMG

Singapore Budget

You're the reader we write for. You're also the person our partners want to reach.

If that sentence describes you — a founder, a C-suite, someone whose attention companies pay good money for — then you already understand why SBR works. We've spent twenty years earning the trust of readers exactly like you. Which is exactly what makes this an interesting place for your company to show up, too.

The ways it can show up are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The right fit depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If your company has something this audience should know about, we'd like to hear what you're working on.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia

Top News

30 One-Sentence Stories From People Who Have Built Better Habits

None of these stories are mine. They were sent to me by readers of Atomic Habits. My hope is that these examples will illustrate how real people are putting the book into practice. They will show you what people are actually doing to build good habits and break bad ones. And hopefully, they will spark some ideas for how you can do the same.

news conversion

SBR 5 Lorem Ipsum News 2 [8 May]

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

SBR 4 Lorem Ipsum [8 May Top Stories]