'Several years ago, banks in Singapore were told to divest their
non-core assets so that they would be better equipped to focus on
their core business. Religious organisations should be similarly
regulated.'
MR CHEE HOONG CHEE: 'In his letter last Thursday,
'Religious groups' commercial deals and tax question', Mr Lester
Lam raised pertinent points about commercial investments by
religious organisations that derive their revenue from tax-exempt
donations. Several years ago, banks in Singapore were told to
largely divest their non-core assets so that they would be better
equipped to focus on their core business. Religious organisations
should be similarly regulated if they expand into commercial
activities.'