The Straits Times
Published on Jan 09, 2013

Soaring costs, uncertain global demand key business concerns: ICPAS pre-Budget poll


Grants to cope with soaring business costs, more support to reduce rental costs and adjusting manpower policies on foreign workers are top wish-list items for this year's Budget, according to a survey by the Institute of Certified Public Accountants of Singapore (ICPAS).

The study was done by ICPAS Research in November last year. It attracted 575 responses from the accounting and business community, comprising professional accountants, chief financial officers, public accountants and those in small and medium-sized enterprises (SMEs).

ICPAS president Ernest Kan said: "The survey findings highlighted the top three business concerns for 2013. These are rising business costs, uncertain global demand and increasing regulation."

Rising business costs, especially rents, emerged as the chief concern for businesses, with 60 per cent worrying that high business costs could be a major challenge even as businesses brace themselves for slower growth ahead.