Stamp Duties (Container Investment Enterprise) (Remission) (Amendment) Rules 2015 deemed to have come into operation on 24 February 2015 [S 523/2015]

15 September 2015

The Stamp Duties (Container Investment Enterprise) (Remission) (Amendment) Rules 2015 were first published in the Government Gazette, Electronic Edition, on 31 August 2015.

The following are amended in the Stamp Duties (Container Investment Enterprise) (Remission) Rules 2014 (G.N. No. S 98/2014):

  • Rule 2 (Definitions), by deleting the words “, but does not include a company that is established solely to lease any container under the circumstances provided for in the regulations made under section 10D(1) of the Income Tax Act” in the definition of “special purpose company”.
  • Rule 3 (Remission)

(a) by deleting the words “Subject to paragraph (2), there” in paragraph (1) and substituting the word “There”;

(b) by deleting the words “1st June 2011 to 31st May 2016” in paragraph (1) and substituting the words               “1 June 2011 to 31 May 2021”; and

(c) by deleting paragraph (2).

Source: Government Gazette

Income Tax (Definition of Designated Unit Trust) Rules 2015 deemed to have come into operation on 1 September 2014 [S520/2015]

15 September 2015

The Income Tax (Definition of Designated Unit Trust) Rules 2015 were first published in the Government Gazette, Electronic Edition, on 31 August 2015.

The Rules provide for the definition of “designated unit trust” whereby the unit trust schemes and exchange traded fund interest schemes set out on the Internet website of the Central Provident Fund Board at http://www.cpf.gov.sg are prescribed for the purposes of paragraph (a) of the definition of “designated unit trust” in section 35(14) of the Act.

Source: Government Gazette

Income Tax (PIC Automation Equipment) (Amendment) Rules 2015 [478/2015]

11 August 2015

The Income Tax (PIC Automation Equipment) (Amendment) Rules 2015 [478/2015] were published in the Government Gazette, Electronic Edition on 6 August 2015. The Rules amend:

  • Rule 3(1) of the Income Tax (PIC Automation Equipment) Rules 2012 (G.N. No. S 209/2012) by deleting the words “the core process or one of the core processes” in sub‑paragraph (a) and substituting the words“one or more of the work processes” and deleting sub paragraph (c).
  • The Schedule to the Income Tax (PIC Automation Equipment) Rules 2012, by inserting a Part 1, made up of the following changes:

– inserting, immediately after the words “Injection mould” in item 14, the words “and extrusion”;

– inserting, immediately after the word “systems” in item 16, the words “, and computer controlled offset printing press,”;

– deleting item 22 and substituting the following item:

“22. Automated kitchen equipment (including but not limited to any automated equipment used for food processing or preparation, dishwasher and blast freezer) used in connection with the sale of any food, where such sale forms the whole or a part of the applicant’s trade, profession or business.”;

– inserting, immediately after item 34, the following items:

“35. Qualifying construction equipment.

36. Automated equipment for cleaning, scrubbing, shampooing or cleaning-related operations, for the purpose of cleaning or maintaining any place or part of a place, including any such equipment when mounted on a vehicle but not the vehicle itself.

37. Automated cover systems for open-top containers.

38. Qualifying landscaping equipment.

39. Bi-directional mass flow metering system installed on a bunker tanker.

40. Qualifying waste management equipment.”;

  • The Schedule to the Income Tax (PIC Automation Equipment) Rules 2012, by inserting a Part 2 comprising definitions of “qualifying construction equipment”, “qualifying landscaping equipment”, “qualifying waste management equipment”.

The following takes effect from:

  • YA 2013 onwards: Rules 2 and 3(a), (b), (c), (d), (e) (items 35 and 36 of Part 1 of the Schedule) and (f) (paragraph 1 of Part 2 of the Schedule)
  • YA 2014 onwards: Rule 3(e) (items 37 and 38 of Part 1 of the Schedule) and (f)(paragraph 2 of Part 2 of the Schedule)
  • YA 2015 onwards: Rule 3(e) (items 39 and 40 of Part 1 of the Schedule) and (f)(paragraph 3 of Part 2 of the Schedule)

Source: Government Gazette

Income Tax (Productivity and Innovation Credit Plus Scheme) Regulations 2015 comes into operation on 16 January 2015 [S14/2015]

21 January 2015

The Income Tax (Productivity and Innovation Credit Plus Scheme) Regulations were published in the Government Gazette, Electronic Edition on 16 January 2015.

The Regulations cover the following:

PART 1

PRELIMINARY

  1. Citation, commencement and application
  2. Meaning of “qualifying persons” and “qualifying conditions”
  3. Meaning of “PIC provisions”, “affected amounts”, “subsection (2) amounts” and “qualifying expenditure”

PART 2

QUALIFYING PERSONS FOR YEAR OF ASSESSMENT 2015

  1. Computation of enhanced deduction or allowance
  2. Modification of manner of computing deduction under section 14DA of Act

PART 3

QUALIFYING PERSONS FOR YEARS OF ASSESSMENT 2016, 2017 AND 2018

  1. Computation of enhanced deduction or allowance for qualifying persons for YA2016, YA2017 and YA2018, who meet qualifying conditions in YA2015 or YA2016
  2. Modification of manner of computing deduction under section 14DA of Act for qualifying persons referred to in regulation 6
  3. Computation of enhanced deduction or allowance for qualifying persons for YA2017 and YA2018, who do not meet qualifying conditions in YA2015 and YA2016.
  4. Modification of manner of computing deduction under section 14DA of Act for qualifying persons referred to in regulation 8
  5. Computation of enhanced deduction or allowance for qualifying persons for YA2018, who do not meet qualifying conditions in YA2015, YA2016 and YA2017
  6. Modification of manner of computing deduction under section 14DA of Act for qualifying persons referred to in regulation 10.

These Regulations have effect for the years of assessment 2015, 2016, 2017 and 2018.

Source: Government Gazette

Income Tax (Employment Gains or Profits –– Furniture and Fittings in Place of Residence) Regulations 2015 comes into operation on 14 January 2015 [S 9/2015]

16 January 2015

The Income Tax (Employment Gains or Profits –– Furniture and Fittings in Place of Residence) Regulations 2015 were published on the Government Gazette, Electronic Edition on 14 January 2015.

For the purposes of section 10(2) of the Act:

  • if an employer provides furniture and fittings in a place of residence, the value of the furniture and fittings is deemed to be 50% of the annual value of the place of residence; and
  • if an employer does not provide any furniture in the place of residence, the value of fittings provided by the employer in the place of residence is deemed to be 40% of the annual value of the place of residence.

These Regulations will take effect for the year of assessment 2015 and subsequent years of assessment.

Source: Government Gazette