How far does the Budget go in tackling the challenges facing the Singapore economy in a highly competitive, globalised world? In what respects, if any, does it fall short?

I FIND this year's Budget to be pro-business, especially the SMEs, and oriented towards helping the lower-income. For businesses, the stand-outs are the cut in the corporate tax rate to 18 per cent and the effective lower tax rates for SMEs and start-ups. These measures will help in Singapore's efforts to be a competitive place to set up businesses, not just for MNCs but also for local enterprises.

By itself, a lower tax rate will not be able to attract companies, but together with our political stability, transparent and efficient legal system, globalised connections, diligent and educated workforce, it will make Singapore a location global companies cannot ignore.

I feel the Budget could have gone further by reducing personal income taxes and abolishing estate duty. This will help make Singapore attractive not just to companies but also for high-income entrepreneurs behind them.

- Wee Piew
CEO, HG Metal Manufacturing Ltd