ESG SAC TIC IG Joint Webinar
Category
News Releases
19 October 2021
Find out what was covered in the joint ESG-SAC-TIC IG webinar on safe management measures and incentive schemes for the TIC sector.
This article has been migrated from an earlier version of the site and may display formatting inconsistencies.
ESG-SAC-TIC IG Joint Webinar on Updates to Safe Management Measures (SMM) & Supporting Incentive Schemes for the Testing, Inspection & Certification (TIC) sector, 01 October 2021
Together with the Singapore Accreditation Council (SAC) and the Singapore Manufacturing Federation’s Testing, Inspection and Certification Interest Group (TIC IG), Enterprise Singapore (ESG) spearheads industry developments for the TIC sector in Singapore and builds on the Quality and Excellence infrastructure to enable industry transformation and internationalization.
The virtual session was jointly organized by ESG, SAC and TIC IG, on 1 October 2021. The session provided updates on the latest Safe Management Measures (SMM) as well as the available incentive schemes for standards adoption and accreditation, such as the Double Tax Deduction for Internationalization scheme (DTDi).
1. Updates on SMM
During the session, the attendees noted the following SMM updates which would be applicable to general workplaces, including TIC facilities and laboratories. More information can be found at (https://www.mom.gov.sg/covid-19/requirements-for-safe-management-measures.)
2. Work Permit Renewals
The relaxation of requirements pertaining to Work Permit Renewal was also shared. Work Permit holders whose work permits are expiring between July and December 2021 will be allowed to renew their permits for up to two years, even if they do not meet the current renewal criteria (i.e., Work Permit holders who are reaching the maximum period of employment/maximum employment age). Additionally, companies do not need to maintain at least 10% of their Work Permit holders as highly skilled workers. This one-off concession will be applicable to companies who are working in the construction, marine and process (CMP) sectors. For enquiries and appeals, TIC companies can reach out to wpd@mom.gov.sg.
3. Incentive Schemes
The DTDi scheme aims to encourage Singapore companies to increase market development and investment activities overseas by allowing a reduction in their tax liability – deduct 200% or twice the eligible expenses (double tax deduction) incurred against their taxable income. A total of 48 standards have been recognized as regulatory or consumer requirements in overseas markets, or as an internationally recognized gold standard. Examples include, but are not limited to, the ISO27001 Information Security Management System, ISO 28000 Supply Chain Security Management, and BRCGS – a gold standard in product safety and quality management systems. More details about the DTDi scheme, its criteria and how businesses can apply for automated DTDi can be found here.
Lastly, the eligibility of EDG’s support for accreditation cost was shared. To encourage and support TIC companies’ expansion beyond their current/existing accreditation schemes, accreditation costs can now be supported under EDG if all the following requirements are met:
Applicant must comply to all existing EDG requirements (at least 30% local ownership and is a SME etc.)
The EDG application must be for a different accreditation standard from what the applicant is currently accredited to
1st application for the accreditation standard (companies cannot seek support for a different scheme under the same accreditation standard)
The following references are accessible at:
About the TIC IG
The TIC IG aims to serve and advance the interests of the TIC Industry in Singapore. In collaboration with ESG, the TIC IG organises regular engagements with industry players and policymakers for the TIC members. Training sessions and webinars of the latest industry developments are also available to members of the TIC IG. Through these centralised engagement platforms, TIC players can actively engage and stay abreast of upcoming and existing initiatives and share feedback on industry concerns. TIC IG also supports capability development of the TIC sector by fostering collaborations with relevant stakeholders on support programmes and training sessions/webinars. For more information, please contact prasunna.ramadas@smfederation.org.sg.