RESULTS OF SBF’S POST-BUDGET SURVEY 2017

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RESULTS OF SBF’S POST-BUDGET SURVEY 2017

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SBF conducts a post-budget survey after the Singapore Budget measures are announced every year to obtain feedback on views of the Budget. We do this as part of our role as the bridge between businesses and the Government, to create and enhance a conducive business environment.

Please find attached the results of our Post-Budget Survey 2017. This year, we conducted 2 surveys – an electronic poll of the companies that attended our “Seminar on Budget 2017” held on 8 March and a more detailed electronic- and paper-based survey that was conducted from 8 March to 21 April.  Respondents were asked about their profile, business and economic outlook as well as their sentiments on the key features of Budget 2017.

The main findings of our Survey are as follows:

(a)        Majority of the companies (61.6%) viewed the current economic climate as uncertain. In terms of their business outlook for the next 6 months, most of the companies had a neutral view, with a higher percentage of respondents inclining towards being not optimistic.

(b)       Among the Budget 2017 measures, the enhancement of Corporate Income Tax rebate, extension of Additional Special Employment Credit and increase in the accessibility of training were deemed the most beneficial to the companies.

(c)       With regard to Industry Transformation Maps (ITMs), it was not apparent from the responses of the electronic poll as well as the detailed electronic- and paper-based survey that they were useful to the companies. The Government, in collaboration with Trade Associations & Chambers, could do more to publicise the details of the ITMs and their benefits to the businesses.

 

(d)       Based on the more detailed electronic- and paper-based survey, the top views on Budget 2017 were as follows:

(i)        55.2% were concerned that there is little relief on foreign worker policies apart from deferment of foreign worker levy increases in specific sectors;

(ii)       49.0% were concerned about immediate-term business costs as there are limited measures that address them;

(iii)      42.4% were relieved that there are measures to lighten the load of rising business cost;

(iv)      41.0% were appreciative that there are measures to deepen the skills of workers; and

(v)       27.6% were appreciative that there are measures to help companies scale up.

(e)        It is heartening to know from the electronic poll that the majority of the respondents agreed that the business community should step up and collaborate more with one another as well as with Trade Associations & Chambers to create a more promising future.

Please feel free to use or quote the results of the survey publicly if you find that the results are useful to support your work. When quoting the results of the survey, our only request is that you attribute the source to the “Post-Budget Survey 2017 conducted by the Singapore Business Federation”. We have shared this report with the Government too.

As always, please feel free to drop my colleague, Jareth (Email: jareth.ng@sbf.org.sg) or me a note if you need any clarifications. Happy to assist or work with you on further collaborations.