The Non-Constituency MP also spoke about how more profitable companies ought to pay more taxes.
Associate Professor Jamus Lim also appealed for taxes for small and medium-sized enterprises to remain low even as the Government implements a global minimum corporate tax rate to comply with an initiative to close gaps in international taxation or the Base Erosion and Profit Shifting framework. Mr Tay, who focused his speech on support for mature professionals, managers and executives, said: “PMEs are an increasingly vulnerable group because of rapid economic changes and cycles.
“They wonder if this means that they should fend more for themselves and expect less help going forward.” “I also urge our government agencies and government-linked companies to support our SMEs by providing more business to them as to benefit almost 70 per cent of the Singaporean workforce indirectly,” said Mr Don Wee .
Responding to a call by NCMP Leong Mun Wai on Wednesday to raise the Local Qualifying Salary from S$1,400 to S$1,800, Minister of State in the Prime Minister’s Office Desmond Tan said until COVID-19, the LQS was increased S$100 each year from 2017.
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