Parliament 2016

globalcookie · 19-01-2016, 09:38 PM

Mon, 18 Jan 6:43 pm GMT+8

Text by Stefanus Ian and Infographics by Andre He

Singapore completed the swearing in of the 89 Members of Parliament and two Non-constituency Members of Parliament last Friday (15 Jan) to form the city-state’s 13th Parliament.

As the country gears towards the first debate of the 13th Parliament,*Yahoo Singaporetakes a closer look at six notable bills that were passed by the 12th Parliament of Singapore.

1. Medishield Life Scheme Bill (29 Jan 2015)

One of the most high profile bills passed last year, Medishield Life will cover every Singaporean citizen and permanent resident from cradle to grave.

With the passing of the*bill*in January last year, there will no longer be a lifetime claim limit of S$300,000 and the public can claim up to S$100,000 per policy year now compared to S$70,000 previously.

2. Liquor Control (Supply and Consumption) Act*(30 Jan 2015)

This bill was passed in January last year and came into force in April. The act prohibits drinking alcohol in public places from 10.30pm to 7am. On top of that retail shops, including duty free shops, also cannot sell alcohol to the public between 10.30pm and 7am.

Areas like Little India and Geylang, however, are considered Liquor Control Zones and drinking alcohol in public is banned from 7am on Saturday to 7am on Monday.*Public holidays*are similarly affected, with public drinking prohibited from 7pm on the eve of the holiday to the 7am after the holiday.

3.*Third-Party Taxi Booking Service Providers Bill (11 May 2015)

With the emergence of apps like Uber and GrabTaxi, the government finally began taking steps last year to*regulate*these apps. Under the bill which was passed in May, providers with more than 20 participating taxis will need to register with the Land Transport Authority to operate in Singapore.

During registration, the companies will have to provide information on the charges and fees imposed on the service, among other things.

4.*Unmanned Aircraft (Public Safety and Security) Bill (11 May 2015)

In a move to keep up with technological trends, Singapore passed the Unmanned Aircraft (Public Safety and Security) Bill in May last year to*regulate*the growing drone enthusiasts in Singapore.

Under this rule, members of the public will need to apply for a permit from the Civil Aviation Authority of Singapore (CAAS) when they want to fly a drone weighing more than 7kg. For those who are taking aerial photographs using camera-mounted drones, they must also make an application to the CAAS. There is also a list of security-sensitive areas where flying of drones or taking or aerial photographs are prohibited.

5.*Asian Infrastructure Investment Bank Bill (17 Aug 2015)

This*bill*signified the support of the Singapore government towards the China-led Asian Infrastructure Investment Bank (AIIB), which held its inaugural board of governors’ meeting last Saturday (16 Jan).

Singapore will contribute US$250 million (S$338 million), which is equivalent to the 0.25 percent of the AIIB’s total authorised capital of US$100 billion, according to theMinistry of Finance.

6. Bus Services Industry Bill (18 Aug 2015)

The Bus Services Industry Bill marked a major move in the transport industry as the Land Transport Authority (LTA) took the reins of regulatory*oversight*over the bus ecosystem – from bus service to depot and interchange operators.

Rather than the previous practice of awarding licenses to operators, the system will now move towards a contractual arrangement with routes being tendered out to bus operators. London’s Tower Transit was awarded the first contract

globalcookie · 25-01-2016, 10:55 PM

Parliament: Changes proposed to Singapore's banking, tax systems

By Nicole Tan

POSTED:*25 Jan 2016 20:28

SINGAPORE: Three Bills were introduced in Parliament on Monday (Jan 25) to make changes to Singapore's banking and tax systems.

In a statement on Monday, the Monetary Authority of Singapore (MAS) said the Banking (Amendment) Bill 2016 is aimed at three key areas: Strengthening prudential safeguards, corporate governance and risk management controls in the banking industry.

The Bill will enable MAS to require foreign banks to locally incorporate all or part of their banking business, subjecting them to Singapore's capital and corporate governance standards. MAS will also be allowed to set requirements on banks' leverage and liquidity in line with international standards.

Meanwhile, the Ministry of Finance (MOF) said the GST Tax (Amendment) Bill 2016 will improve the administration and clarity of the legislation.

Under the Bill, individuals who fail to repay a wrongly-claimed tourist refund under the Tourist Refund Scheme may be prevented from leaving Singapore.

Changes will also be made to extend the 0 per cent GST rate to specific supplies relating to aircraft beyond what is currently covered.

MOF also highlighted key adjustments in the Income Tax (Amendment) Bill 2016, including tax changes announced in Budget 2015. Some of the main amendments cited are targeted at helping businesses grow internationally and making the personal income tax rate structure more progressive.

- CNA/xq

globalcookie · 25-01-2016, 10:59 PM

Remove Additional Buyer's Stamp Duty for Singaporeans: MP

POSTED:*25 Jan 2016 14:46***UPDATED:*25 Jan 2016 15:57

MP for Holland-Bukit Timah GRC Christopher De Souza. (Photo: Xabryna Kek)

******

AA

SINGAPORE:*If a citizen can afford a second or third property through the existing Total Debt Servicing Ratio (TDSR) regime, should he also have to pay Additional Buyer’s Stamp Duty (ABSD), Mr Christopher De Souza asked in Parliament on Monday (Jan 25).

The Member of Parliament for Holland-Bukit Timah GRC*called for the Government to consider removing ABSD for Singaporeans, while retaining the TDSR for Singaporeans and the ABSD for foreigners.

“By retaining the TDSR, the Singaporean is only going to be allowed a credit line that is within his means. By retaining the ABSD for foreigners, we help ensure that the foreigners will not enter the Singaporean market in an overly speculative way," he said.

ABSD was first introduced in Dec 2011, and revised upwards in Jan 2013, to rein in escalating residential property prices in Singapore.

Currently, Singapore citizens have to pay an ABSD of 7 per cent on a second property. This increases to 10 per cent for third and subsequent property purchases. ABSD for foreigners is set at 15 per cent for first and subsequent property purchases.

The TDSR is a framework that limits the amount borrowers can spend on debt repayments to 60 per cent of their gross monthly income.

- CNA/ll

If parliament removes it, property prices may start gg up.

**jwhtan** · 25-01-2016, 11:23 PM

I think De Souza makes sense ......

TDSR should be good enough for Singaporeans
ABSD to curb hot money from overseas speculating in our property market

globalcookie · 26-01-2016, 09:34 AM

Yes, indeed the TDSR also prevent over-levering too. If ABSD is remove, people who wants to buy a 2nd property can do so. This will increase number of buyers (demand), thus I think it can bring prices up. However, I feel BSD for non-citizens should be maintain.

With curbing of foreigners (work force) and many TOPs have been taking place in 2014/15 and also upcoming in 2016, market has been quiet.

Maybe given both weak demand from the cut back and increase in supply of many TOPs, the new demand, if ABSD is removed, may equal out.

xersion · 26-01-2016, 10:11 AM

Quote:

Originally Posted by globalcookie

Yes, indeed the TDSR also prevent over-levering too. If ABSD is remove, people who wants to buy a 2nd property can do so. This will increase number of buyers (demand), thus I think it can bring prices up. However, I feel BSD for non-citizens should be maintain.

With curbing of foreigners (work force) and many TOPs have been taking place in 2014/15 and also upcoming in 2016, market has been quiet.

Maybe given both weak demand from the cut back and increase in supply of many TOPs, the new demand, if ABSD is removed, may equal out.

is the property market strong currently?

saw some good units but if only ABSD is removed if not really not worth to pay the tax... one example as below

PRESTIGE LOFT

286 Telok Kurau FH High floor 3br 1,507sqft $1.3M

BANK'S SALE! 2-level penthouse with

pool. Unblocked view! Near Tao Nan Primary

School. Eateries along East Coast/ 112

Katong Mall/ Parkway Parade. Future

Marine Terrace MRT station. Must Sell!

Martin · 27-01-2016, 06:02 PM

Quote:

Originally Posted by xersion

is the property market strong currently?

saw some good units but if only ABSD is removed if not really not worth to pay the tax... one example as below

PRESTIGE LOFT

286 Telok Kurau FH High floor 3br 1,507sqft $1.3M

BANK'S SALE! 2-level penthouse with

pool. Unblocked view! Near Tao Nan Primary

School. Eateries along East Coast/ 112

Katong Mall/ Parkway Parade. Future

Marine Terrace MRT station. Must Sell!

u really damn rich, i got 2rm flat stay i steal laugh liao... can borrow me some $$$?

xersion · 27-01-2016, 06:17 PM

Quote:

Originally Posted by Martin

u really damn rich, i got 2rm flat stay i steal laugh liao... can borrow me some $$$?

U bend down... One shot $1

Sent from my Mi 4i using Tapatalk

CBTG · 27-01-2016, 09:22 PM

But Singapore land so little. Why must remove , let the rich own more property ? If they want can buy oversea house ? Like car , a rich one can buy 4-5 car a park at home. Like that also boost up Coe quota or boost up market. Should tax more on rich mah....

globalcookie · 01-02-2016, 10:32 AM

Quote:

Originally Posted by CBTG

Like car , a rich one can buy 4-5 car a park at home. Like that also boost up Coe quota or boost up market. Should tax more on rich mah....

Ahhh this one... a MP suggested ABCD (additional buyer car duty) or smthg for 2nd car onwards. Ok this one to some extend is fair, yet on the other hand, well, if there are 5 family members with driving license, register in 5 names lo.

There were also some mention about splitting motorcycle COE, but unlikely going to gain pace since some MP (or minster) said it'll complicate or cause motorbike COE to go up. Aiyo, why they keep reducing motorbike quota but increase cars leh? Motorbike take more space than car ah?

19-01-2016, 09:38 PM	#1
globalcookie Dragon Join Date: Nov 2007 Posts: 1,446	Parliament 2016 Mon, 18 Jan 6:43 pm GMT+8 Text by Stefanus Ian and Infographics by Andre He Singapore completed the swearing in of the 89 Members of Parliament and two Non-constituency Members of Parliament last Friday (15 Jan) to form the city-state’s 13th Parliament. As the country gears towards the first debate of the 13th Parliament,Yahoo Singaporetakes a closer look at six notable bills that were passed by the 12th Parliament of Singapore. 1. Medishield Life Scheme Bill (29 Jan 2015) One of the most high profile bills passed last year, Medishield Life will cover every Singaporean citizen and permanent resident from cradle to grave. With the passing of thebillin January last year, there will no longer be a lifetime claim limit of S$300,000 and the public can claim up to S$100,000 per policy year now compared to S$70,000 previously. 2. Liquor Control (Supply and Consumption) Act(30 Jan 2015) This bill was passed in January last year and came into force in April. The act prohibits drinking alcohol in public places from 10.30pm to 7am. On top of that retail shops, including duty free shops, also cannot sell alcohol to the public between 10.30pm and 7am. Areas like Little India and Geylang, however, are considered Liquor Control Zones and drinking alcohol in public is banned from 7am on Saturday to 7am on Monday.Public holidaysare similarly affected, with public drinking prohibited from 7pm on the eve of the holiday to the 7am after the holiday. 3.Third-Party Taxi Booking Service Providers Bill (11 May 2015) With the emergence of apps like Uber and GrabTaxi, the government finally began taking steps last year toregulatethese apps. Under the bill which was passed in May, providers with more than 20 participating taxis will need to register with the Land Transport Authority to operate in Singapore. During registration, the companies will have to provide information on the charges and fees imposed on the service, among other things. 4.Unmanned Aircraft (Public Safety and Security) Bill (11 May 2015) In a move to keep up with technological trends, Singapore passed the Unmanned Aircraft (Public Safety and Security) Bill in May last year toregulatethe growing drone enthusiasts in Singapore. Under this rule, members of the public will need to apply for a permit from the Civil Aviation Authority of Singapore (CAAS) when they want to fly a drone weighing more than 7kg. For those who are taking aerial photographs using camera-mounted drones, they must also make an application to the CAAS. There is also a list of security-sensitive areas where flying of drones or taking or aerial photographs are prohibited. 5.Asian Infrastructure Investment Bank Bill (17 Aug 2015) Thisbillsignified the support of the Singapore government towards the China-led Asian Infrastructure Investment Bank (AIIB), which held its inaugural board of governors’ meeting last Saturday (16 Jan). Singapore will contribute US$250 million (S$338 million), which is equivalent to the 0.25 percent of the AIIB’s total authorised capital of US$100 billion, according to theMinistry of Finance. 6. Bus Services Industry Bill (18 Aug 2015) The Bus Services Industry Bill marked a major move in the transport industry as the Land Transport Authority (LTA) took the reins of regulatoryoversight*over the bus ecosystem – from bus service to depot and interchange operators. Rather than the previous practice of awarding licenses to operators, the system will now move towards a contractual arrangement with routes being tendered out to bus operators. London’s Tower Transit was awarded the first contract

25-01-2016, 10:55 PM	#2
globalcookie Dragon Join Date: Nov 2007 Posts: 1,446	Parliament: Changes proposed to Singapore's banking, tax systems By Nicole Tan POSTED:*25 Jan 2016 20:28 SINGAPORE: Three Bills were introduced in Parliament on Monday (Jan 25) to make changes to Singapore's banking and tax systems. In a statement on Monday, the Monetary Authority of Singapore (MAS) said the Banking (Amendment) Bill 2016 is aimed at three key areas: Strengthening prudential safeguards, corporate governance and risk management controls in the banking industry. The Bill will enable MAS to require foreign banks to locally incorporate all or part of their banking business, subjecting them to Singapore's capital and corporate governance standards. MAS will also be allowed to set requirements on banks' leverage and liquidity in line with international standards. Meanwhile, the Ministry of Finance (MOF) said the GST Tax (Amendment) Bill 2016 will improve the administration and clarity of the legislation. Under the Bill, individuals who fail to repay a wrongly-claimed tourist refund under the Tourist Refund Scheme may be prevented from leaving Singapore. Changes will also be made to extend the 0 per cent GST rate to specific supplies relating to aircraft beyond what is currently covered. MOF also highlighted key adjustments in the Income Tax (Amendment) Bill 2016, including tax changes announced in Budget 2015. Some of the main amendments cited are targeted at helping businesses grow internationally and making the personal income tax rate structure more progressive. - CNA/xq

25-01-2016, 10:59 PM	#3
globalcookie Dragon Join Date: Nov 2007 Posts: 1,446	Remove Additional Buyer's Stamp Duty for Singaporeans: MP POSTED:25 Jan 2016 14:46*UPDATED:25 Jan 2016 15:57 MP for Holland-Bukit Timah GRC Christopher De Souza. (Photo: Xabryna Kek) ****** AA SINGAPORE:If a citizen can afford a second or third property through the existing Total Debt Servicing Ratio (TDSR) regime, should he also have to pay Additional Buyer’s Stamp Duty (ABSD), Mr Christopher De Souza asked in Parliament on Monday (Jan 25). The Member of Parliament for Holland-Bukit Timah GRCcalled for the Government to consider removing ABSD for Singaporeans, while retaining the TDSR for Singaporeans and the ABSD for foreigners. “By retaining the TDSR, the Singaporean is only going to be allowed a credit line that is within his means. By retaining the ABSD for foreigners, we help ensure that the foreigners will not enter the Singaporean market in an overly speculative way," he said. ABSD was first introduced in Dec 2011, and revised upwards in Jan 2013, to rein in escalating residential property prices in Singapore. Currently, Singapore citizens have to pay an ABSD of 7 per cent on a second property. This increases to 10 per cent for third and subsequent property purchases. ABSD for foreigners is set at 15 per cent for first and subsequent property purchases. The TDSR is a framework that limits the amount borrowers can spend on debt repayments to 60 per cent of their gross monthly income. - CNA/ll If parliament removes it, property prices may start gg up.

25-01-2016, 11:23 PM	#4
jwhtan Barney Join Date: Sep 2000 Posts: 9,118	I think De Souza makes sense ...... TDSR should be good enough for Singaporeans ABSD to curb hot money from overseas speculating in our property market

26-01-2016, 09:34 AM	#5
globalcookie Dragon Join Date: Nov 2007 Posts: 1,446	Yes, indeed the TDSR also prevent over-levering too. If ABSD is remove, people who wants to buy a 2nd property can do so. This will increase number of buyers (demand), thus I think it can bring prices up. However, I feel BSD for non-citizens should be maintain. With curbing of foreigners (work force) and many TOPs have been taking place in 2014/15 and also upcoming in 2016, market has been quiet. Maybe given both weak demand from the cut back and increase in supply of many TOPs, the new demand, if ABSD is removed, may equal out.

27-01-2016, 09:22 PM	#9
CBTG Dragon Join Date: Jan 2007 Posts: 688	But Singapore land so little. Why must remove , let the rich own more property ? If they want can buy oversea house ? Like car , a rich one can buy 4-5 car a park at home. Like that also boost up Coe quota or boost up market. Should tax more on rich mah....

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