Clarification by Second Minister for Finance

The following statement was made in a reply given by the Second Minister for Finance (Ms Indranee Rajah) during the Second Reading of the Income Tax (Amendment) Bill at the Sitting of 15 October 2024:

The Second Minister for Finance (Ms Indranee Rajah) The Second Minister for Finance (Ms Indranee Rajah): And so, if you look at all that the Government has done, not just in the past years but in the past decades, at the heart of it has been the development of Singaporeans. Nowadays, we call it human capital. When we first started out, we talked about education. If you look at the amount that we put into education, I mean, it is the second highest amount in our Budget. And then, from primary and secondary, which was the initial investments into our human capital, we then went, in the last decade, into SkillsFuture, recognising that as people come out into the workforce, they will need to continue to learn, to grow. [Please refer to "Income Tax (Amendment) Bill", Official Report, 15 October 2024, Vol 95, Issue 143, Second Reading Bills section.]

Written statement by Ms Indranee Rajah circulated with leave of the Speaker in accordance with Standing Order No 29(5):

I wish to make the following factual correction to my reply given during the Second Reading of the Income Tax (Amendment) Bill at the Sitting of 15 October 2024. My reply should read as follows:

The Second Minister for Finance (Ms Indranee Rajah) : And so, if you look at all that the Government has done, not just in the past years but in the past decades, at the heart of it has been the development of Singaporeans. Nowadays, we call it human capital. When we first started out, we talked about education. If you look at the amount that we put into education, I mean, it is the

third: highest amount in our Budget. And then, from primary and secondary, which was the initial investments into our human capital, we then went, in the last decade, into SkillsFuture, recognising that as people come out into the workforce, they will need to continue to learn, to grow.