Singapore Finance Minister Lawrence Wong, right, speaks as Prime Minister Lee Hsien Loong looks at the Presidential Palace in Singapore on Saturday. EPA
Singapore Finance Minister Lawrence Wong, right, speaks as Prime Minister Lee Hsien Loong looks at the Presidential Palace in Singapore on Saturday. EPA
Singapore Finance Minister Lawrence Wong, right, speaks as Prime Minister Lee Hsien Loong looks at the Presidential Palace in Singapore on Saturday. EPA
Chitrabhanu Kadalayil is deputy comment editor at The National
April 19, 2022
Singapore has had just three prime ministers and one political party at its helm since becoming a self-governing entity in 1959. The reason is down to two overriding factors. One is the country’s tightly controlled political system, and the other is the sheer dominance of the men who throughout its history have come to occupy the hottest seat on the island.
Lee Kuan Yew, Goh Chok Tong and Lee Hsien Loong loom large over Singapore. And given their outsized role in the country’s transformation into a global economic powerhouse, they will be a hard act to follow for Finance Minister Lawrence Wong, who on Thursday was chosen to succeed Lee Hsien Loong on a yet-undetermined date.
As if their legacies are not daunting enough, the time it has taken for the ruling People’s Action Party (PAP) to zero in on Mr Wong, and the lack of clarity about when he will take over, point to two inconvenient truths confronting him. One is the churn that is under way within the party, and the other is the turning point that Singapore politics finds itself at.
Sometimes it takes a crisis to know a man, and Wong’s stock grew as the government’s point man during the pandemic
Mr Wong is undoubtedly in uncharted territory. But before looking at what’s in store for him, it is important to go back in time to understand the PAP’s system by which it chooses its leaders.
After each general election – every one of which the PAP has won by huge margins – the party picks its most competent legislators to form the Cabinet. The new members, then, choose a “first among equals” who will become prime minister.
That all three of the country’s premiers were overwhelming choices among their peers provided the stability that Singapore needed in its growing years. It helped, too, that it had an unofficial one-party system that to some extent was by design, but due also in large part to the PAP’s success in delivering prosperity to the people. There was, as a result, little genuine competition from outside the party.
However, that reality is gradually changing amid Singapore’s evolving demographics and economic conditions, as well as growing geopolitical turbulence around the globe. These changes have given rise to opposition parties both at the grassroots level and in Parliament at a time when the PAP is struggling to find good young leaders.
Mr Lee, who had planned to step down after turning 70 in February, was forced to delay his retirement to shepherd Singapore through the pandemic. His decision was also shaped by Deputy Prime Minister Heng Swee Keat’s announcement last April to step aside as Mr Lee’s original successor-in-waiting. Mr Heng, then 61, cited age as the main reason to rule himself out, but this meant the party had to start over again to find a new leader.
Heng Swee Keat of the People's Action Party meets residents during a walkabout ahead of the general election in Singapore in 2020.
That leader today is Mr Wong. Whether he is undisputedly so, however, remains in question. For even though 15 of the 19 fellow Cabinet members eventually voted for him, it likely wouldn’t have taken a whole year after Mr Heng made his announcement to step aside for the party to anoint Mr Wong, had he been its clear choice. It is believed that a lack of political heft, at least relative to that of some of his peers, was a major hurdle.
Mr Wong, though, has extensive experience in government, having worked as a high-flying career bureaucrat before joining politics in 2011. If his various stints across ministries provided the cake, his position as a co-chair of the all-important Covid-19 taskforce presented the cherry on top. Sometimes it takes a crisis to know a man, and Mr Wong’s stock grew as the government’s point man during the pandemic. During regular briefings, he proved to be an excellent communicator with an empathetic side and an unflappable demeanour that quickly endeared him to his colleagues and the broader electorate.
It is this visibility that the PAP will hope makes him a vote-catcher in the next general election (to be held no later than in the summer of 2025). Mr Wong is also affable, loves playing the guitar and appears in TikTok videos, which have made him more accessible to ordinary Singaporeans than other politicians. More than anything else, though, it is his humble beginnings – not unlike Mr Goh’s background – that the party will bank on come election time, particularly in competitive constituencies.
Then Singapore prime minister Lee Kuan Yew shakes hands with then French prime minister Jacques Chirac at Matignon in Paris. AFP
Goh Chok Tong, who was Singapore's second prime minister, at the 21st International Conference of The Future of Asia in Tokyo in 2015. AFP
But neither the PAP nor Mr Wong should focus on elections just yet, or entertain the idea of holding a snap election, as has been speculated. The leader-in-waiting needs to consolidate his position in the party first.
As Cherian George, the Hong Kong-based Singaporean writer, pointed out, voters in a general election are “entitled to consider factors other than whom the PAP picks as its leader – like the quality of MPs”. The PAP’s numbers, Mr George said, need not reflect confidence in a new leader. Indeed, a clearer measure of Mr Wong’s political standing will come from within the PAP. Can he, for instance, prevail over who gets what post in the party? Or will he, as Mr George says is likely, “have to bow to godfathers' wishes”? Time will tell whether he can hold the party together, but it will undoubtedly be key to how well he is able to govern the country.
Finally, elections can wait as the next man gathers much-needed experience working as Mr Lee’s understudy in the run-up to 2025. With a Cabinet reshuffle coming up, his promotion to the position of deputy prime minister is almost certain. This is important.
If his predecessors were given a long rope before they rose to the top, surely Mr Wong deserves at least until the next election to find his feet.
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples. Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts. Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Key facilities
Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.
An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.
This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)