The Singapore Chinese Chamber of Commerce and Industry (SCCCI) seeks more support for businesses, particularly in internationalisation and upskilling.
The Singapore Chinese Chamber of Commerce and Industry (SCCCI) has presented its recommendations for Budget 2025, urging the government to introduce targeted measures aimed at supporting small and medium-sized enterprises (SMEs). The focus is on helping businesses reduce costs, improve workforce productivity, and accelerate the development of green capabilities.
SCCCI’s recommendations, based on its annual business survey conducted from June to August 2024, highlight key challenges faced by SMEs. Among the 651 respondents, 92% were from SMEs. The primary concern for businesses was rising costs, with nearly 75% of respondents expecting business costs to increase in 2024. The survey also revealed that more than half of the respondents (57%) forecasted a decrease in profits compared to the previous year.
The SCCCI proposed several measures to address these concerns, including:
Extending programs such as Career Conversion Programmes, SkillsFuture Enterprise Credit, and Central Provident Fund Transition Offset to alleviate rising manpower costs, along with simplifying application processes.
Raising the threshold for qualifying expenses incurred by growth-oriented businesses to remain competitive.
Implementing higher corporate income tax rebates for tax-paying companies in 2025.
Enhancing the Enterprise Financing Scheme to provide continued access to affordable financing for SMEs.
Reviewing property tax for commercial properties and offering tax rebates to offset recent property tax increases.
The survey also highlighted manpower challenges, with businesses struggling to attract and retain skilled local employees and facing rising manpower costs, including foreign worker expenses. Additionally, businesses faced difficulties in reskilling their workforce due to the lack of relevant training programs and challenges in convincing employees to acquire new skills.
SCCCI’s proposals aim to help businesses manage these difficulties and promote long-term sustainability and growth.
