Budget 2018 to encourage firms to adopt innovation to remain competitive

SINGAPORE (Feb 19): Finance Minister Heng Swee Keat encouraged all firms to embrace innovation and adopt new technologies as a key competitive advantage in his Budget 2018 speech.

Heng said the government will streamline existing grants for adoption of pre-scoped, off-the-shelf technologies into one Productivity Solutions Grant.

In an effort to support local firms to build their own innovations, the government will raise tax reduction on licensing payments for the commercial use of IP to 200% compared to 100% previously, capped at $100,000 of licensing payments yearly.

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