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Singapore appointed 2 idiots to lead the task force.
- Thread starter LaoTze
- Start date
Lawrence wants us to look out for one another.
Although we have been facing challenging times, these have also brought out the best in our people.
Singaporeans have stepped up and adhered to the measures in place; our healthcare workers have rendered the best care to our patients; our volunteers have helped distribute care packs for those who are in home recovery.
The compassion we show to our neighbours and community is something we are all proud of. Tomorrow is World Kindness Day. Let’s continue to keep up the good work of looking out for one another.
(In video: Our Limbang volunteers distributing care packs to residents in home recovery.)
Lawrence Wong
11 hrs ·Although we have been facing challenging times, these have also brought out the best in our people.
Singaporeans have stepped up and adhered to the measures in place; our healthcare workers have rendered the best care to our patients; our volunteers have helped distribute care packs for those who are in home recovery.
The compassion we show to our neighbours and community is something we are all proud of. Tomorrow is World Kindness Day. Let’s continue to keep up the good work of looking out for one another.
(In video: Our Limbang volunteers distributing care packs to residents in home recovery.)
Lawrence is confident that we will get there together. 
Some of us may recognise this song in the first 5 seconds. Did you know it has been almost twenty years since ‘We Will Get There’ was first released?
Much time has passed. We have faced national challenges, like SARS in 2003, and now Covid-19. But through it all, I hope one thing remains the same - that we stay united.
Our frontliners, the unsung heroes, have been working tirelessly to keep all of us safe. Standing together, helping one another, we will continue to be strong. The journey hasn't been easy, but together, #WeWillGetThere.
Lawrence Wong
Yesterday at 19:19 ·Some of us may recognise this song in the first 5 seconds. Did you know it has been almost twenty years since ‘We Will Get There’ was first released?
Much time has passed. We have faced national challenges, like SARS in 2003, and now Covid-19. But through it all, I hope one thing remains the same - that we stay united.
Our frontliners, the unsung heroes, have been working tirelessly to keep all of us safe. Standing together, helping one another, we will continue to be strong. The journey hasn't been easy, but together, #WeWillGetThere.
Lawrence shares his thoughts for the insurance industry.
Yesterday, I delivered a speech at the 17th Singapore International Reinsurance Conference, where I shared my thoughts on the road ahead for the insurance industry.
Singapore is an important insurance and risk financing hub for Asia. Our insurance industry can support Asia’s economies in two key areas – climate change and digitalisation. With strong collaboration between the public and private sectors, innovative solutions can be developed to mitigate key risks that Asia faces.
Collectively, the insurance sector can narrow the protection gap in the region and foster a more resilient Asia for future generations.
Lawrence Wong
7 mins ·Yesterday, I delivered a speech at the 17th Singapore International Reinsurance Conference, where I shared my thoughts on the road ahead for the insurance industry.
Singapore is an important insurance and risk financing hub for Asia. Our insurance industry can support Asia’s economies in two key areas – climate change and digitalisation. With strong collaboration between the public and private sectors, innovative solutions can be developed to mitigate key risks that Asia faces.
Collectively, the insurance sector can narrow the protection gap in the region and foster a more resilient Asia for future generations.
from msn.com:
Singapore — Speaking at the multi-ministry task force press conference on Monday (Nov 15), Finance Minister Lawrence Wong acknowledged the difficulty people have with the many changes and adjustments in pandemic measures.
Mr Wong co-chairs the task force with Health Minister Ong Ye Kung and Trade and Industry Minister Gan Kim Yong and has largely been the public face of the Government’s response to the Covid pandemic since it began in early 2020.
He said that the authorities have tried to prevent having a “start-stop” approach when it comes to the country’s reopening.
He was clarifying to members of the press why the Government has chosen a “controlled, careful and calibrated” manner in relaxing pandemic measures, saying that after changes are announced, the MTF watches the situation closely in the days and weeks that follow, and the next adjustments are only made when the overall infection situation stabilises.
Mr Wong also mentioned that other countries are experiencing the same problems that Singapore is now facing, including countries in Europe such as Denmark, Austria and the Netherlands, where an increase in infections have been observed after their economies were opened up.
“And we have to keep on doing that until we reach a stabler equilibrium with the virus. This is the common challenge that countries everywhere are dealing with,” added Mr Wong.
With the most recent round of announcements, as many as five fully vaccinated people from the same household are allowed to dine-in at hawker centres once access control and checking systems have been implemented.
Lawrence Wong acknowledges that “perceived flip-flops in COVID-19 strategy” creates frustration
Singapore — Speaking at the multi-ministry task force press conference on Monday (Nov 15), Finance Minister Lawrence Wong acknowledged the difficulty people have with the many changes and adjustments in pandemic measures.
Mr Wong co-chairs the task force with Health Minister Ong Ye Kung and Trade and Industry Minister Gan Kim Yong and has largely been the public face of the Government’s response to the Covid pandemic since it began in early 2020.
He said that the authorities have tried to prevent having a “start-stop” approach when it comes to the country’s reopening.
”We understand that it is not always easy for people to keep track of the changes in our measures, and from time to time it also creates frustration because of the perceived flip-flops in our Covid-19 strategy,” Mr Wong said on Monday.
“That’s why we are trying very hard to avoid start-stops in our measures, and to minimise the need to throttle back or to tighten. But I hope everyone understands it is very challenging to do this,” The Straits Times reports him as saying.He was clarifying to members of the press why the Government has chosen a “controlled, careful and calibrated” manner in relaxing pandemic measures, saying that after changes are announced, the MTF watches the situation closely in the days and weeks that follow, and the next adjustments are only made when the overall infection situation stabilises.
Mr Wong also mentioned that other countries are experiencing the same problems that Singapore is now facing, including countries in Europe such as Denmark, Austria and the Netherlands, where an increase in infections have been observed after their economies were opened up.
For these countries, waves of infection are causing the authorities to adjust their measures in order to ensure that the healthcare system is prevented from getting overwhelmed.
“And we have to keep on doing that until we reach a stabler equilibrium with the virus. This is the common challenge that countries everywhere are dealing with,” added Mr Wong.
With the most recent round of announcements, as many as five fully vaccinated people from the same household are allowed to dine-in at hawker centres once access control and checking systems have been implemented.
Lawrence congratulates UBS.
Congratulations to UBS for celebrating 50 years of business in Singapore, and on the opening of its new office building.
Happy to be part of the double celebration at UBS, which has been a valued partner for Singapore – not only growing its business here but also taking effort to grow its people and grow the community.
UBS has come a long way, starting out with a handful of professionals in 1970 and growing to employing over 3,000 staff in the Wealth Management, Investment Banking and Asset Management businesses today. It has remained committed to building up Singapore’s local talent pool, while deepening the capabilities and expertise of the industry in meaningful areas such as innovation, philanthropy, and sustainable investing.
I look forward to seeing UBS' continued growth in Singapore.
Lawrence Wong
16 mins ·Congratulations to UBS for celebrating 50 years of business in Singapore, and on the opening of its new office building.
Happy to be part of the double celebration at UBS, which has been a valued partner for Singapore – not only growing its business here but also taking effort to grow its people and grow the community.
UBS has come a long way, starting out with a handful of professionals in 1970 and growing to employing over 3,000 staff in the Wealth Management, Investment Banking and Asset Management businesses today. It has remained committed to building up Singapore’s local talent pool, while deepening the capabilities and expertise of the industry in meaningful areas such as innovation, philanthropy, and sustainable investing.
I look forward to seeing UBS' continued growth in Singapore.
Lawrence speaks at Morgan Stanley's Annual Summit.
Singapore has defied the odds since we became independent in 1965 - and we are determined to continue doing so, even in a post-pandemic world that will be more uncertain and volatile.
We spoke about this and more, at Morgan Stanley’s 20th Annual Asia Pacific Summit yesterday.
As a global hub for business, travel and talent, Singapore must continue to strengthen our international connectivity with other countries.
On an international level, we also need to build a better model of globalisation - one that is much more resilient and future-ready. We can do this via closer cooperation between governments, leveraging technology, and collaboration between the public and private sectors.
(
: Morgan Stanley)
Lawrence Wong
8 hrs ·Singapore has defied the odds since we became independent in 1965 - and we are determined to continue doing so, even in a post-pandemic world that will be more uncertain and volatile.
We spoke about this and more, at Morgan Stanley’s 20th Annual Asia Pacific Summit yesterday.
As a global hub for business, travel and talent, Singapore must continue to strengthen our international connectivity with other countries.
On an international level, we also need to build a better model of globalisation - one that is much more resilient and future-ready. We can do this via closer cooperation between governments, leveraging technology, and collaboration between the public and private sectors.
(
from yahoo.com:
(Bloomberg) — Singapore officials still need “a few more days” before they can decide whether to relax strict virus curbs that have lasted for nearly two months, Singapore’s trade minister said Friday in a virtual interview on the sidelines of the Bloomberg New Economy Forum.
Asked about the likelihood of restrictions continuing past Nov. 21, when they are due to lapse, Singapore Minister for Trade and Industry Gan Kim Yong replied that “It’s really difficult to say, because it is still too early.” Gan is also a co-chair of the government task force overseeing virus measures in the city-state.
The latest round of Covid curbs were imposed on Sept. 27 amid the city-state’s worst virus surge yet, which includes making work from home the default, and capping social gatherings at two. The limits were then extended by a month in October.
Cases have stabilised and started to decline in recent weeks, as Singapore’s latest outbreak shows signs of slowing. Thursday was the third time in the last week that cases in the community dipped below 2,000, down from a high of 4,650 on Oct. 27. The government has focused on its week over week ratio of community Covid cases as a key metric for easing. It wants to see the number below 1 — a target that has been hit on 15 of the last 16 days.
Pressure on hospitals has also eased. More than 40% of public ICU beds in the city-state are now vacant, due to a combination of lower Covid cases over the last few weeks, as well as a ramping up of capacity.
The government began incrementally easing restrictions from last week, such as allowing five people from the same residence to dine at restaurants, and announcing some pilot programs where social distancing measures could be reduced.
“We are hoping that we’ll be able to make some review and see whether there will be opportunity for us to make some adjustments,” Gan told Bloomberg TV’s Haslinda Amin. He added that officials will still need “a few more days” to monitor the effects of the latest relaxation of rules, and make a quick assessment before Monday.
Singapore is pushing for an endemic strategy of living with the virus, although that approach has been marred by several months of stop-start restrictions. The business hub’s prime minister Lee Hsien Loong defended the slow pace of reopening Wednesday, saying that the government was seeking to avoid “unsettling u-turns.”
Singapore needs more data before deciding on Covid easing: Trade Minister
(Bloomberg) — Singapore officials still need “a few more days” before they can decide whether to relax strict virus curbs that have lasted for nearly two months, Singapore’s trade minister said Friday in a virtual interview on the sidelines of the Bloomberg New Economy Forum.
Asked about the likelihood of restrictions continuing past Nov. 21, when they are due to lapse, Singapore Minister for Trade and Industry Gan Kim Yong replied that “It’s really difficult to say, because it is still too early.” Gan is also a co-chair of the government task force overseeing virus measures in the city-state.
The latest round of Covid curbs were imposed on Sept. 27 amid the city-state’s worst virus surge yet, which includes making work from home the default, and capping social gatherings at two. The limits were then extended by a month in October.
Cases have stabilised and started to decline in recent weeks, as Singapore’s latest outbreak shows signs of slowing. Thursday was the third time in the last week that cases in the community dipped below 2,000, down from a high of 4,650 on Oct. 27. The government has focused on its week over week ratio of community Covid cases as a key metric for easing. It wants to see the number below 1 — a target that has been hit on 15 of the last 16 days.
Pressure on hospitals has also eased. More than 40% of public ICU beds in the city-state are now vacant, due to a combination of lower Covid cases over the last few weeks, as well as a ramping up of capacity.
The government began incrementally easing restrictions from last week, such as allowing five people from the same residence to dine at restaurants, and announcing some pilot programs where social distancing measures could be reduced.
“We are hoping that we’ll be able to make some review and see whether there will be opportunity for us to make some adjustments,” Gan told Bloomberg TV’s Haslinda Amin. He added that officials will still need “a few more days” to monitor the effects of the latest relaxation of rules, and make a quick assessment before Monday.
Singapore is pushing for an endemic strategy of living with the virus, although that approach has been marred by several months of stop-start restrictions. The business hub’s prime minister Lee Hsien Loong defended the slow pace of reopening Wednesday, saying that the government was seeking to avoid “unsettling u-turns.”
Lawrence gives a quick update:
Quick update:
My MTF co-chairs and I announced our next step - increasing group sizes for social gatherings and dining-in from 2 to 5 persons - regardless of household.
This is part of our step-by-step approach to reopening. We want to avoid a sharp resurgence in cases that can easily overwhelm our healthcare system, something which several European countries are now experiencing.
So let's continue to stay disciplined, practise social responsibility, and make steady progress toward a Covid-resilient nation together
Lawrence Wong
5 hrs ·Quick update:
My MTF co-chairs and I announced our next step - increasing group sizes for social gatherings and dining-in from 2 to 5 persons - regardless of household.
This is part of our step-by-step approach to reopening. We want to avoid a sharp resurgence in cases that can easily overwhelm our healthcare system, something which several European countries are now experiencing.
So let's continue to stay disciplined, practise social responsibility, and make steady progress toward a Covid-resilient nation together
from straitstimes.com:
SINGAPORE - As much as Singapore has tried to avoid a "start-stop" approach in tackling Covid-19, the country still had to make constant adjustments to prevailing measures, said Finance Minister Lawrence Wong on Monday (Nov 15).
"We understand that it is not always easy for people to keep track of the changes in our measures, and from time to time it also creates frustration because of the perceived flip-flops in our Covid-19 strategy," he told reporters at a press conference held by the multi-ministry task force tackling Covid-19.
"That's why we are trying very hard to avoid start-stops in our measures, and to minimise the need to throttle back or to tighten. But I hope everyone understands it is very challenging to do this."
Mr Wong was explaining why Singapore has chosen to ease its Covid-19 measures - both domestically as well as at its borders - in a "controlled, careful and calibrated" manner.
When changes are made, the multi-ministry task force monitors the situation in the coming days or weeks, and makes the next move only when it is sure the overall infection situation is stable, he added.
"So, we have done some moves already. We will monitor the situation over the next few days, and early next week we will give a further update on our possible next steps."
Other countries - including those that people had called on Singapore to emulate - are facing similar problems, the minister noted.
Several months ago, many European countries relaxed their Covid-19 measures and opened up their economies.
But today, many are seeing a sharp spike in cases, and have reimposed restrictions or are considering doing so. These include Denmark, Austria and the Netherlands.
"The point is, countries everywhere have to deal with these adjustments throughout the pandemic," Mr Wong said.
Even those with high vaccination rates have to deal with the reality that the virus comes in "rolling waves of infection", and have to adjust measures based on these waves to protect the healthcare system.
"And we have to keep on doing that until we reach a stabler equilibrium with the virus. This is the common challenge that countries everywhere are dealing with."
S’pore trying very hard to avoid start-stops in Covid-19 measures: Lawrence Wong
SINGAPORE - As much as Singapore has tried to avoid a "start-stop" approach in tackling Covid-19, the country still had to make constant adjustments to prevailing measures, said Finance Minister Lawrence Wong on Monday (Nov 15).
"We understand that it is not always easy for people to keep track of the changes in our measures, and from time to time it also creates frustration because of the perceived flip-flops in our Covid-19 strategy," he told reporters at a press conference held by the multi-ministry task force tackling Covid-19.
"That's why we are trying very hard to avoid start-stops in our measures, and to minimise the need to throttle back or to tighten. But I hope everyone understands it is very challenging to do this."
Mr Wong was explaining why Singapore has chosen to ease its Covid-19 measures - both domestically as well as at its borders - in a "controlled, careful and calibrated" manner.
When changes are made, the multi-ministry task force monitors the situation in the coming days or weeks, and makes the next move only when it is sure the overall infection situation is stable, he added.
"So, we have done some moves already. We will monitor the situation over the next few days, and early next week we will give a further update on our possible next steps."
Other countries - including those that people had called on Singapore to emulate - are facing similar problems, the minister noted.
Several months ago, many European countries relaxed their Covid-19 measures and opened up their economies.
But today, many are seeing a sharp spike in cases, and have reimposed restrictions or are considering doing so. These include Denmark, Austria and the Netherlands.
"The point is, countries everywhere have to deal with these adjustments throughout the pandemic," Mr Wong said.
Even those with high vaccination rates have to deal with the reality that the virus comes in "rolling waves of infection", and have to adjust measures based on these waves to protect the healthcare system.
"And we have to keep on doing that until we reach a stabler equilibrium with the virus. This is the common challenge that countries everywhere are dealing with."
from straitstimes.com:
SINGAPORE - Singapore is unlikely to further ease Covid-19 restrictions next month, with Finance Minister Lawrence Wong saying on Saturday (Nov 20) that the country will consider its next steps "around the end of December" if all goes well.
This is part of the Government's incremental approach to tackling the virus.
While there have been requests for easing in other sectors - such as workplace restrictions or capacity limits on attractions - Singapore is focusing on just one parameter at present, he added.
The multi-ministry task force tackling the pandemic on Saturday announced that people will be able to gather in groups of up to five from Monday.
This includes having five visitors over and eating out in groups of that size, even if diners are not from the same household.
"Everything else, we are holding back for the time being," Mr Wong said. "We will monitor the situation over the next few weeks, and if the overall situation remains stable, our healthcare system remains stable, we can consider the next series of moves, say, around the end of December."
At a press conference on Saturday, the task force was asked why the Government had decided against allowing people from the same household to dine out in groups of up to eight.
In response, the minister said the current easing of restrictions is "already a very big step" which will result in more social interactions and lead to more infections.
"Don't push the limit," he warned. "If our attitude is to always keep pushing the limit... there is no doubt that before too long, you will see a resurgence of cases, our hospitals will be overwhelmed again, and we will be back in this very difficult situation of deciding how to manage our healthcare system, as you see now in Europe."
Health Minister Ong Ye Kung, who co-chairs the task force along with Mr Wong and Trade and Industry Minister Gan Kim Yong, also gave a numerical explanation for why Singapore is exercising such caution.
Should a person meet a friend after each of them has met a different friend earlier in the day, this would add up to four interactions.
But if a group of five friends gathers after each person in the group has met a completely separate group of five, this adds up to 25 interactions.
And with eight people, this number goes up to 64, he said.
"It's actually an exponential increase in the number of interactions," Mr Ong said. "We all had to take a deep breath and really think very carefully, look at all the data very carefully, before we decided that it's time to make this move."
Mr Wong said this also explains why people should continue to exercise restraint when planning their social interactions, adding that Singapore cannot rule out a "further tapping of the brakes" as a last resort.
During the press conference, the task force was also asked when the 300,000 migrant workers living in dormitories are likely to be allowed more freedom of movement.
From Dec 3, up to 3,000 vaccinated migrant workers will be able to visit any location in the community daily. This is an increase from 3,000 workers a week.
Mr Wong said the Government is aware that these workers need the time and space to leave their dormitories, adding that it is taking a similar incremental approach in tackling this issue.
"After one move, we monitor the situation, we monitor the effects, and then we make another move," he said.
This logic applies to all of Singapore's Covid-19 measures, whether they are targeted at migrant workers, the wider community or the country's borders, he added.
"It's on the basis of taking a stepwise approach, data- and evidence-driven, and making these continued, but steady and progressive moves towards reopening fully."
Mr Gan noted that each time Singapore experienced a wave of fresh infections, it took weeks to bring the situation back under control.
"When we have a major wave, it will take a long time for us to bring it under control," he said. "Sometimes, more haste, less speed."
S'pore to consider next Covid-19 steps around end Dec: Lawrence Wong
SINGAPORE - Singapore is unlikely to further ease Covid-19 restrictions next month, with Finance Minister Lawrence Wong saying on Saturday (Nov 20) that the country will consider its next steps "around the end of December" if all goes well.
This is part of the Government's incremental approach to tackling the virus.
While there have been requests for easing in other sectors - such as workplace restrictions or capacity limits on attractions - Singapore is focusing on just one parameter at present, he added.
The multi-ministry task force tackling the pandemic on Saturday announced that people will be able to gather in groups of up to five from Monday.
This includes having five visitors over and eating out in groups of that size, even if diners are not from the same household.
"Everything else, we are holding back for the time being," Mr Wong said. "We will monitor the situation over the next few weeks, and if the overall situation remains stable, our healthcare system remains stable, we can consider the next series of moves, say, around the end of December."
At a press conference on Saturday, the task force was asked why the Government had decided against allowing people from the same household to dine out in groups of up to eight.
In response, the minister said the current easing of restrictions is "already a very big step" which will result in more social interactions and lead to more infections.
"Don't push the limit," he warned. "If our attitude is to always keep pushing the limit... there is no doubt that before too long, you will see a resurgence of cases, our hospitals will be overwhelmed again, and we will be back in this very difficult situation of deciding how to manage our healthcare system, as you see now in Europe."
Health Minister Ong Ye Kung, who co-chairs the task force along with Mr Wong and Trade and Industry Minister Gan Kim Yong, also gave a numerical explanation for why Singapore is exercising such caution.
Should a person meet a friend after each of them has met a different friend earlier in the day, this would add up to four interactions.
But if a group of five friends gathers after each person in the group has met a completely separate group of five, this adds up to 25 interactions.
And with eight people, this number goes up to 64, he said.
"It's actually an exponential increase in the number of interactions," Mr Ong said. "We all had to take a deep breath and really think very carefully, look at all the data very carefully, before we decided that it's time to make this move."
Mr Wong said this also explains why people should continue to exercise restraint when planning their social interactions, adding that Singapore cannot rule out a "further tapping of the brakes" as a last resort.
During the press conference, the task force was also asked when the 300,000 migrant workers living in dormitories are likely to be allowed more freedom of movement.
From Dec 3, up to 3,000 vaccinated migrant workers will be able to visit any location in the community daily. This is an increase from 3,000 workers a week.
Mr Wong said the Government is aware that these workers need the time and space to leave their dormitories, adding that it is taking a similar incremental approach in tackling this issue.
"After one move, we monitor the situation, we monitor the effects, and then we make another move," he said.
This logic applies to all of Singapore's Covid-19 measures, whether they are targeted at migrant workers, the wider community or the country's borders, he added.
"It's on the basis of taking a stepwise approach, data- and evidence-driven, and making these continued, but steady and progressive moves towards reopening fully."
Mr Gan noted that each time Singapore experienced a wave of fresh infections, it took weeks to bring the situation back under control.
"When we have a major wave, it will take a long time for us to bring it under control," he said. "Sometimes, more haste, less speed."
Lawrence records a message for Tanjong Katong Primary School.
As I recorded my message for the 20th Anniversary of Tanjong Katong Primary School, I remembered my time as a young boy in Haig Boys Primary School - which later became Tanjong Katong.
I grew up at that school; all our male cousins studied there. And my mum taught at Haig Boys for more than 35 years.
The pandemic has made a huge impact on how we live, study and play. I am thankful to all our teachers and staff, parents and students, for your adaptability and resilience.
Have a happy and healthy school holiday – take this opportunity to reconnect with friends and family in a safe way. And always cherish your primary school memories!
(
: My mum with her students at Haig Boys Primary School)
Lawrence Wong
5 hrs ·As I recorded my message for the 20th Anniversary of Tanjong Katong Primary School, I remembered my time as a young boy in Haig Boys Primary School - which later became Tanjong Katong.
I grew up at that school; all our male cousins studied there. And my mum taught at Haig Boys for more than 35 years.
The pandemic has made a huge impact on how we live, study and play. I am thankful to all our teachers and staff, parents and students, for your adaptability and resilience.
Have a happy and healthy school holiday – take this opportunity to reconnect with friends and family in a safe way. And always cherish your primary school memories!
(
from straitstimes.com:
SINGAPORE - Singapore seeks to ensure any enhancements to its tax system should not undermine its competitiveness and that such taxes can be collected efficiently, Finance Minister Lawrence Wong said on Wednesday (Nov 17).
The Republic is also being mindful that any new taxes or increase in taxes have to be implemented while recognising that wealth is mobile and can be moved very quickly.
"And so if you're not careful, you (could) have a tax in place that doesn't actually end up collecting very much money, (and) it's counterproductive because the wealth just moves around to other places," said Mr Wong, in acknowledging the possible risks and impact of tax changes on the country's financial services industry.
Mr Wong was replying to a question on potential wealth taxes in Singapore at the 20th annual Morgan Stanley Asia Pacific Summit, which is held from Wednesday till Friday at Mandarin Oriental, Singapore.
The minister, who is also deputy chairman of the Monetary Authority of Singapore, had earlier spoken about fostering a more sustainable and resilient model of globalisation for the post-Covid-19 world in his keynote speech.
He stressed that Singapore's approach to wealth taxes is not to focus narrowly on the concept of taxes based on one's net wealth, but to look at it through the country's overall taxation system.
"It's within that broad context that we will continue to review, to see what additional (measures) we can do to strengthen our system of taxation so that we can generate revenue, but do so in a way that is fair and progressive," said Mr Wong.
In his reply, he noted how Singapore looks to maintain a balanced budget over the medium term, adding that the country is already in deficit at present having drawn on its reserves over the past two years.
This means that it has to find ways to get back to a balanced budget as soon as possible and is looking at a whole range of revenue options.
"When we look at any revenue option, we want to make sure that it strengthens our progressive system of taxes and transfers, which means that those with means ought to pay more tax than the benefits they receive," said Mr Wong. This takes into account all taxes paid including both income tax and goods and services tax.
He also highlighted that Singapore's principal considerations for tax enhancements are that its competitiveness is not undermined and that such taxes can be efficiently collected.
He added that he could not comment further because it would get into specifics as to what the Government is thinking about for the next Budget.
During the session, which was moderated by Morgan Stanley's Asean chief executive Ronald Ong, the minister also addressed several other questions such as how Singapore plans to ensure it remains a core financial services hub and the growth opportunities it looks to capitalise on.
Mr Wong said he believes companies operating in Asia would still want a physical presence, even as work habits shift post-pandemic.
What Singapore wants to do is to ensure that it is top of the list if firms are looking at establishing their presence in the region, especially in South-east Asia, he added.
Mr Wong also said Singapore is interested in technologies such as blockchain and tokenisation of assets - and not so much in the speculative asset class of cryptocurrency - and encouraging projects and innovation in these areas.
"We want to continue in that mindset to embrace innovation, update our regulatory frameworks to make sure that they cover these new trends and then progress as an innovative financial centre for the region and the world."
S'pore to ensure tax enhancements do not hurt competitiveness: Lawrence Wong
SINGAPORE - Singapore seeks to ensure any enhancements to its tax system should not undermine its competitiveness and that such taxes can be collected efficiently, Finance Minister Lawrence Wong said on Wednesday (Nov 17).
The Republic is also being mindful that any new taxes or increase in taxes have to be implemented while recognising that wealth is mobile and can be moved very quickly.
"And so if you're not careful, you (could) have a tax in place that doesn't actually end up collecting very much money, (and) it's counterproductive because the wealth just moves around to other places," said Mr Wong, in acknowledging the possible risks and impact of tax changes on the country's financial services industry.
Mr Wong was replying to a question on potential wealth taxes in Singapore at the 20th annual Morgan Stanley Asia Pacific Summit, which is held from Wednesday till Friday at Mandarin Oriental, Singapore.
The minister, who is also deputy chairman of the Monetary Authority of Singapore, had earlier spoken about fostering a more sustainable and resilient model of globalisation for the post-Covid-19 world in his keynote speech.
He stressed that Singapore's approach to wealth taxes is not to focus narrowly on the concept of taxes based on one's net wealth, but to look at it through the country's overall taxation system.
"It's within that broad context that we will continue to review, to see what additional (measures) we can do to strengthen our system of taxation so that we can generate revenue, but do so in a way that is fair and progressive," said Mr Wong.
In his reply, he noted how Singapore looks to maintain a balanced budget over the medium term, adding that the country is already in deficit at present having drawn on its reserves over the past two years.
This means that it has to find ways to get back to a balanced budget as soon as possible and is looking at a whole range of revenue options.
"When we look at any revenue option, we want to make sure that it strengthens our progressive system of taxes and transfers, which means that those with means ought to pay more tax than the benefits they receive," said Mr Wong. This takes into account all taxes paid including both income tax and goods and services tax.
He also highlighted that Singapore's principal considerations for tax enhancements are that its competitiveness is not undermined and that such taxes can be efficiently collected.
He added that he could not comment further because it would get into specifics as to what the Government is thinking about for the next Budget.
During the session, which was moderated by Morgan Stanley's Asean chief executive Ronald Ong, the minister also addressed several other questions such as how Singapore plans to ensure it remains a core financial services hub and the growth opportunities it looks to capitalise on.
Mr Wong said he believes companies operating in Asia would still want a physical presence, even as work habits shift post-pandemic.
What Singapore wants to do is to ensure that it is top of the list if firms are looking at establishing their presence in the region, especially in South-east Asia, he added.
Mr Wong also said Singapore is interested in technologies such as blockchain and tokenisation of assets - and not so much in the speculative asset class of cryptocurrency - and encouraging projects and innovation in these areas.
"We want to continue in that mindset to embrace innovation, update our regulatory frameworks to make sure that they cover these new trends and then progress as an innovative financial centre for the region and the world."
Lawrence thanks tenants and owner-occupiers.
Thanks to our tenants and owner-occupiers for your resilience and efforts amidst the pandemic. We know it has not been easy for you.
From 26 November, we are giving over 40,000 eligible tenants and owner-occupiers a cash payout equivalent to 1 month of your rent for the period of the Stabilisation Phase. This is part of the third Rental Support Scheme payout.
Like the first two payouts earlier this year, we will be disbursing rental support directly to tenants. This simplified process will let businesses receive the payout faster.
In total, the Rental Support Scheme has provided more than $900m of rental relief to eligible tenants and owner-occupiers this year. Let’s continue to support each other and adhere to safe management measures, as we move progressively towards a safe reopening.
(Photo of I Can Read Learning Centre which has received support under this scheme.)
Lawrence Wong
9 hrs ·Thanks to our tenants and owner-occupiers for your resilience and efforts amidst the pandemic. We know it has not been easy for you.
From 26 November, we are giving over 40,000 eligible tenants and owner-occupiers a cash payout equivalent to 1 month of your rent for the period of the Stabilisation Phase. This is part of the third Rental Support Scheme payout.
Like the first two payouts earlier this year, we will be disbursing rental support directly to tenants. This simplified process will let businesses receive the payout faster.
In total, the Rental Support Scheme has provided more than $900m of rental relief to eligible tenants and owner-occupiers this year. Let’s continue to support each other and adhere to safe management measures, as we move progressively towards a safe reopening.
(Photo of I Can Read Learning Centre which has received support under this scheme.)
Lawrence says that we all have multiple identities. 
We all have multiple identities. Singapore has always been made up of different “tribes”. But we have avoided serious conflict, and maintained harmonious relations over the decades.
All this was possible because through the generations, we believed that what Singapore
stood for as a nation, was bigger than the pull of our own tribal instincts and feelings.
As we look into the future and deal with new challenges, how do we balance the competing demands of our diverse identity groups, while maintaining harmony and unity? We can:
Strengthen our relationships with one another to build mutual trust
Avoid stereotyping groups of people or assuming that everyone in each community is the same
Draw on the instinct of our ancestors as traders, to look for mutual cooperation and win-win outcomes
Continue to give all Singaporeans reason to hope, and a fair chance for a better future
The Government will continue to work hard to achieve these outcomes - to ensure everyone has a place; everyone feels a part of the Singapore family; and we can all look ahead to a better future together.
Lawrence Wong
38 mins ·We all have multiple identities. Singapore has always been made up of different “tribes”. But we have avoided serious conflict, and maintained harmonious relations over the decades.
All this was possible because through the generations, we believed that what Singapore
As we look into the future and deal with new challenges, how do we balance the competing demands of our diverse identity groups, while maintaining harmony and unity? We can:
The Government will continue to work hard to achieve these outcomes - to ensure everyone has a place; everyone feels a part of the Singapore family; and we can all look ahead to a better future together.
Lawrence congratulates primary six students.
To all our Primary 6 students who received your results earlier today, congratulations on achieving another milestone in your lives. No matter the result, I am proud of all of you and what you have achieved - you have shown tremendous grit and resilience in your learning journey throughout this pandemic, and that’s what really matters.
Remember learning doesn't just stay within the classroom. Be it sports, arts, or music, take time this school holiday to explore your interests and do what you love!
(
: MOE)
Lawrence Wong
1 hr · Instagram ·To all our Primary 6 students who received your results earlier today, congratulations on achieving another milestone in your lives. No matter the result, I am proud of all of you and what you have achieved - you have shown tremendous grit and resilience in your learning journey throughout this pandemic, and that’s what really matters.
Remember learning doesn't just stay within the classroom. Be it sports, arts, or music, take time this school holiday to explore your interests and do what you love!
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