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ACE is an informal private-public group that aims to promote
entrepreneurship in Singapore and to act as a peer support
group for entrepreneurs. MOS Raymond Lim is chairman. ACE
has six action teams (called Action Crucibles) that focus
on various dimensions of entrepreneurship - Culture, Financing,
Rules, Internationalisation, Intellectual Property, and Global
Entrepreneurial Executives.
Best Sourcing is a framework designed to assure
the most economic delivery of Government services through
market testing (i.e. comparing in-house costs with market
alternatives). It introduces comparison in the delivery of
Government services (whether policy and regulatory functions,
services directly to the public or administrative support
in the public agency), so that the Government can select the
service channel and service provider that offers the best
value for money.
The Central Provident Fund (CPF) is a comprehensive social
security savings plan to help Singaporeans save for their
retirement. Each month, Singaporeans and their employers make
monthly contributions to the CPF. These contributions go into
three accounts for each employee: the Ordinary Account where
savings can be used for housing, investments and CPF insurance;
the Special Account where savings are meant for old age and
investment in retirement-related financial products; and the
Medisave Account, where savings can be used for hospitalisation
expenses and approved medical insurance.
Corporate income tax is a tax levied on the income a company
derives from Singapore or receives in Singapore from outside
Singapore. The corporate tax rate is 20% with effect from
Year of Assessment 2005.
A scheme launched in 1987 to help members secure an amount
of CPF savings to provide for their retirement. This is done
by requiring CPF members to set aside a sum of monies in their
Retirement Account at age 55 and this sum of monies is known
as the Minimum Sum. The Minimum Sum provides CPF members with
monthly income from age 62 (members' retirement age) onwards.
An extension of the Minimum Sum Scheme to help individuals
set aside monies for their own retirement needs and that of
their spouses, parents or grandparents.
Cut Waste Panel is chaired by the Head of Civil Service,
Mr Lim Siong Guan, and comprises members drawn from the private
and people sectors with the objective of ensuring spending
on public services is cost efficient and targeted to the needs
of our people. The Panel encourages all members of the public
to write in with their ideas on where the Government can cut
waste or remove frills, as well as feedback on what constitutes
acceptable basic service standards. Where necessary, the Panel
can ask that costs be adjusted, rules removed, programmes
stopped and fees and charges reviewed.
Development expenditure is expenditure incurred for development
projects undertaken by ministries, statutory boards and other
organisations. A development project is undertaken to maintain
or enhance the functional capacity of the public sector or
the nation and usually involves some form of construction
work or the creation or acquisition of assets.
Economic Restructuring Shares (ERS) are shares given out
by the Government to help Singaporeans offset the increase
in GST from 3% to 5%.
The Economy Drive is a public sector campaign to reinforce
continued efforts by the public service to be efficient and
effective. As part of the overall policy of seeking value-for-money
and prudence at all levels, public sector officers will be
challenged under the Economy Drive to continuously strive
to do more with existing resources. The Economy Drive also
reflects Government’s resolve to tighten its belt in
these challenging times.
The eGovernment Action Plan II guides the ICT investment
of the whole public sector for FY2003-FY2005. It builds on
the foundation laid by the first eGovernment Action Plan.
Under the eGovernment Action Plan II, the vision is to be
a leading eGovernment to better serve the nation in a digital
economy. Specifically, by 2006, we aim to be a networked Government
that delivers accessible, integrated and value-adding public
services to our customers; and helps bring our citizens closer
together.
The Enterprise Investment Incentive, which replaces the
current Technopreneur Investment Incentive, aims to ease the
difficulty faced by start-ups with good growth potential across
all sectors in obtaining seed financing. The incentive allows
eligible investors to claim tax deductions equal to the capital
losses they incur from selling qualifying shares in approved
start-ups.
The EntrePass Scheme allows foreign entrepreneurs to start
up businesses in Singapore, and enables them to enter and
exit Singapore freely without the need for social visa applications.
The EntrePass has a validity period of two years, and is renewable
for as long as the business is ongoing and commercially viable.
Estate duty
Estate duty is a wealth tax imposed on a person's estate
upon his passing. If the deceased leaves behind an estate
that exceeds the specified exemption limits, estate duty is
imposed on the sum in excess of the limit. For those domiciled
in Singapore, all immovable and movable property/assets of
the estate are subject to duty. For those domiciled in another
country, only immovable assets in Singapore are subject to
duty.
Gross Domestic Product
(GDP)
Refers to the aggregate value of output produced within
the domestic territory of Singapore.
iPartners Programme
The International Partners Programme (iPartners Programme)
is a scheme administered by IE Singapore to catalyse the formation
of synergistic alliances among Singapore-based companies with
complementary businesses in order to maximise the chances
of international success. Led by an anchor company with internationalisation
capabilities and experience, each alliance is able to increase
its competitiveness by leveraging on the strengths of its
alliance partners to reap economies of scale and provide better
business propositions.
Medifund
Medifund is an endowment fund set up by the Government
as a safety net to help poor and indigent Singaporeans pay
for their medical care.
Medisave
Medisave is a compulsory savings scheme designed to help
Singaporeans build up sufficient savings for their hospitalisation
expenses, especially during old age. Under the scheme, every
employee contributes 6-8% (depending on age group) of his
monthly salary to a personal Medisave account. The savings
can be withdrawn to pay the hospital bills of the account
holder and his immediate family members.
MediShield
MediShield is a basic, low-cost catastrophic medical insurance
scheme designed to help Medisave account holders and their
dependants meet the cost of treatment for serious or prolonged
illnesses which Medisave balances would not be sufficient
to cover.
Personal income tax
Personal income tax is the tax levied on the income of
an individual derived or received in Singapore from business,
employment and investments.
Pro-Enterprise Panel
(PEP)
The Pro-Enterprise Panel (PEP) was established in Aug
2000 as a PS21 initiative reviewing feedback from the public
to ensure that Government regulations and rules remain relevant
and supportive of a pro-business environment. The PEP is chaired
by Head Civil Service, and comprises senior civil servants
and business champions from the private-sector.
Retirement Accounts
(CPF)
A Retirement Account is a CPF account created upon member's
55th birthday for the Minimum Sum to be set aside to meet
member's retirement needs.
Rules Review Panel
The Rules Review Panel was set up in May 2002 to oversee
the public service-wide rules review process. The process
requires all Government agencies to review all their rules
and regulations by the end of FY2004, and thereafter on a
five-year cycle. The Rules Review Panel is currently chaired
by Permanent Secretary (Defence), and its members are the
chairmen of the four PS21 functional committees.
Start-up
EnterprisE Development Scheme (SEEDS)
The Start-up EnterprisE Development Scheme (SEEDS) provides
equity financing for approved start-ups, where every dollar
raised by a start-up from third-party investors will be matched
by EDB, up to a maximum of S$300,000. A minimum of S$75,000
must be put in by each third party investor.
Value for money
Value for money refers to yielding the best returns for
each dollar spent in terms of quality, timeliness, reliability,
after-sales service, upgradeability, price and source.
Withholding tax
When a local payer makes a payment, such as interest,
royalty or commission to a non-resident, he is required to
inform the Inland Revenue Authority of Singapore (IRAS) and
withhold a percentage of the income as tax due on the non-resident.
Withholding tax is thus a mechanism to enforce the collection
of tax from non-residents whose income is sourced or deemed
to be sourced in Singapore.
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