Meliyani - c3344288 - 3004 Assignment PDF

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ASSIGNMENT/ASSESSMENT ITEM COVER SHEET MELIYANI

Student Name:

.

FIRST NAME

FAMILY / LAST NAME

3 3 4 4 2 8 8 Email: [email protected]

Student Number: Course Code A C F I

Course Title

3 0 0 4

(Example)

Taxation (Example)

A B C D 1 2

3

4

Campus of Study:

Assessment Item Title:

Intro to University

PSB Academy Singapore

(eg Callaghan, Ourimbah, Port Macquarie)

Assignment 3 Case Study

Tutorial Group (If applicable): Lecturer/Tutor Name: Extension Granted:

Due Date/Time:

21 March 2021

Word Count (If applicable): Mr. Edgar Wong

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NB: STUDENTS MAY EXPECT THAT THIS ASSIGNMENT WILL BE RETURNED WITHIN 3 WEEKS OF THE DUE DATE OF SUBMISSION Please tick box if applicable

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Students within the Faculty of Business and Law, Faculty of Science, Faculty of Engineering and Built Environment and the School of Nursing and Midwifery: I verify that I have completed the online Academic Integrity Module and adhered to its principles Students within the School of Education: "I understand that a minimum standard of correct referencing and academic literacy is required to pass all written assignments in the School of Education; and I have read and understood the School of Education Course Outline Policy Supplement, which includes important information related to assessment policies and procedures. I declare that this assessment item is my own work unless otherwise acknowledged and is in accordance with the University’s Student Academic Integrity Policy I certify that this assessment item has not been submitted previously for academic credit in this or any other course. I certify that I have not given a copy or have shown a copy of this assessment item to another student enrolled in the course. I acknowledge that the assessor of this assignment may, for the purpose of assessing this assignment:  Reproduce this assessment item and provide a copy to another member of the Faculty; and/or  Communicate a copy of this assessment item to a plagiarism checking service (which may then retain a copy of the item on its database for the purpose of future plagiarism checking).  Submit the assessment item to other forms of plagiarism checking. I certify that any electronic version of this assessment item that I have submitted or will submit is identical to this paper version.

DATE STAMP HERE Insert this way

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Signature: _______________________Meliyani______________________

Date: 20 March 2021

Introduction Last year 2020, Singapore government and IRAS have created several support reliefs which one of them is Budget 2020 to help minimize the losses of Singapore’s economy. This year, the government have created a similar support package called Budget 2021 which is quite similar, but both have different goals. This report will give detailed insights about how the government and the IRAs of Singapore assist businesses, taxpayers, residents, and what investment will the government make to overcome and improve from Covid19 crisis. The report will also be discussing about Budget 2021 goals and how it will help Singapore economic sector to do better during this period and what can the government or IRAs do more to improve the economic sector. Discussion First of all, Singapore Budget 2021 is not a new scheme. Before this, there was Budget 2020 which goals is also to help some Businesses and individuals who suffer losses due to the pandemic. As last year’s Budget are more focus on preservation and adaption, this year Budget 2021 is said to focuses more on structural changes. The government have proposed a $11 billion for Covid-19 Resilience Package which will be focused more on safeguarding the health of Singaporeans and supporting sectors that are affected the most (ex. Aviation, tourism, drivers, artist, etc.), and Budget 2021 also have $24 billion set aside for aiding the economic transformation by developing a vibrant business community, catalysing capital, redesigning jobs and make new job opportunity for the next 3 years. Going back to 2020, the government have launched a Stimulus package or resilience budget to prevent the deterioration of the economy due to Covid-19. Drawing on national reserves, the budget goals is to support local businesses by granting automatic deferment of income tax payments, providing tax rebates, and assisting the development of small and medium sized enterprises. Seeing the success in mitigating the uneven impact of the recession in 2020, the government succeeded to decrease the unemployment rate and avert shrinkage in GDP. Moreover, the IRAs issued a new tax guidance which will include the VCC or Variable Capital Companies as a tax resident in Singapore for a year and implementing a series of support measures to ease the cash flow for taxpayer. Together with the resilience budget, IRAs also implement the solidarity budget and fortitude budget. These budgets include help support such as support for the selfemployed, property tax measure, giving government cash grant, and defer tax payment. So, in my opinion, Singapore Government have handled the crisis quite fast. From the moment the virus entered Singapore the first time, the government have put some measures in a few days’ time to minimise the spread of the virus. When the businesses began to suffer losses, the government gave them financial help relief to lessen the losses and to prevent the company from collapsing. Furthermore, the government have also implemented a programme that helps to provide greater social support by giving support to start-ups, bringing in investments, and providing more jobs to Singaporean. Therefore, seeing the situation now I think the government can give more assistance since the situation have been great so far and the government still have some additional funds. It is a fact that a lot of businesses and individuals are given financial support, and the government now have been building stronger workforce and economy, we can also see that the government have made a good strategy to overcome this crisis, from how the government was able to bring the situation under control during this crisis and did not have to spend a large amount of money as they have anticipated. However, there are still a few sectors that may not have been assisted enough by the government which will be discussed from the distribution of financial support below. The Budget 2021 allocates $24 billion for economic transformation which is the highest amount from the others, followed by $5 billion to support firms and workers, $4.8 billion to the public health and reopening measure which also includes vaccination, $2.9 billion for job support scheme, and a remaining of $1.2 billion for specific factors. However, there are $9.3 billion that is expected to be unused, there are still no information on where this fund will be used for in the future. From this information, we can say that the most benefited is the firms and workers since economic transformation is to improve Singapore itself. The least benefited are those who worked in the arts or sports sector and I think the one who missed out the benefits are those foreign people who work in Singapore, since they are not a citizen in Singapore, their benefits are low or none at all which is a bit of pity since they are working in Singapore which means they are also a residents of Singapore but they are treated unequally.

Another measure that may be introduced in Budget 2021 which took my interest is the Coronavirus Cess or Covid Cess which is a surcharge on individual taxpayers, this measure might be more directed towards those with higher income groups to support those who are affected the most from the virus as well as to help the cost for vaccinating all Singapore residents in 2021 and in the future. I find this measure interesting because the government are willing to support the poor during this crisis which is not something that every country will do, so for the government to be able to come up with this measure which can help the poor and also to balance those with the higher income. Overall, I can say that Budget 2021 is quite effective in a way to stabilize the economy and investing for the future, the government also did support some of the small sectors that is affected by the crisis. Discussing about the investment that the Government planned, it is said that Singapore might invest in areas like intangible strength by keeping the production lines open for global supply chain, building network, and building trust on the country can help Singapore to grow their overseas market. The continuation to keep investing on Singapore’s Infrastructure is also a way to give the next generation a higher starting base and to improve the quality of the citizen. Furthermore, the Government also plan to invest on the digital world. By enabling both young and old individuals, small or big businesses to start go digital. Since our current technology is quite advanced and it will keep on growing in the future. One of the example of technology that have helped business and individuals to make money is the online shop, these system have created a path for people to be able to buy and sell their products or items online without having to have contact with each other, which is useful during these period. Digitalisation and data could help businesses to engaged with the global audiences, however the minister of trade and industry reminded that we must not forgot how to make real partnerships in the real world as it will help to facilitate more industry partnerships. Lastly, the government also planned to invest on research, innovation and enterprise which will be invested for the next five years. The research and development will be expanded in five sectors which are manufacturing, trade and connectivity, human health and potential, urban solutions and sustainability, and lastly smart nation and digital economy. Business that adopts science and technology will be supported and expanded into areas with high potential growth, followed by universities and A star research institute. For, human health and potential, investments will be made for projects related to health and the well-being of senior citizen. The government will also invest in a project name PREPARE or Programme for Epidemics Preparedness and Response which will be created to prepare for future pandemics.

Conclusion To conclude, Singapore Government and IRAs support can be seen to have helped to stabilise Singapore’s economy by creating the stimulus package and resilience budget which have helped those that suffer economic losses and also minimising job unemployment. So far, all of the help relief package has been successful, but I believe that the government can still do more for the residents so that some sectors will not be left out of the help. The investments that the government is planning to make is also a good strategy since way before this pandemic online market and digital stuff have been successful, investing on the digital economy can help to improve Singapore global market. Along with Singapore’s great reputation, it might be easier to build trust as we can see that Singapore are able to tackle and minimise the impact of Covid-19 quicker than most of other countries which makes the investment on health is important too to prepare for similar situations in the future.

Reference List

Fiona L. Budget 2021: Singapore to emerge stronger, economically vibrant and socially cohesive. (2021). Retrieved 18 March 2021, from https://www.businesstimes.com.sg/government-economy/singaporebudget-2021/budget-2021-singapore-to-emerge-stronger-economically How Budget 2021 will support businesses. (2021). Retrieved 18 March 2021, from https://www.gov.sg/article/howbudget-2021-will-support-businesses

Ray, A. (2021, January 24). Budget 2021: Govt may Introduce coronavirus CESS this year. Retrieved March 20, 2021, from https://www.livemint.com/budget/expectations/budget-2021-govt-may-introducecoronavirus-cess-this-year-11611481747505.html Team, S. (2021, March 11). Singapore budget 2021: Key highlights and summary. Retrieved March 20, 2021, from https://www.singsaver.com.sg/blog/singapore-budget-2021-summary...