'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.'