Tag: Income Tax (Amendment) Bill

Income Tax (Amendment) Bill [No. 14/2013] introduced in Parliament

On By taxsgIn Corporate Tax, Economic Expansion Incentives (Relief from Income Tax) Act, Income Tax Act, Individual Tax, Latest Tax News, Legislative Updates

23 September 2013

The Income Tax (Amendment) Bill was introduced in Parliament on 16 September 2013. This Bill seeks to implement the tax changes in the 2013 Budget Statement and to make certain other amendments to the Income Tax Act (Cap. 134).

The Bill also makes a consequential amendment to the Economic Expansion Incentives (Relief from Income Tax) Act (Cap. 86).

Further details of the amendments to the various sections of the Income Tax Act and Economic Expansion Incentives (Relief from Income Tax) Act can be found in the “Explanatory Statement” of the Income Tax (Amendment) Bill.

Source: Government Gazette

Public consultation on changes to the Income Tax Act relating to the Exchange of Information (EOI) Regime

On By taxsgIn Income Tax Act, Latest Tax News, Legislative Updates

19 July 2013

The Ministry of Finance is seeking feedback on the amendments in the draft Income Tax (Amendment) Bill 2013 concerning recent changes made to the EOI regime. This exercise will be conducted from 18 July to 31 July 2013.

The proposed amendments, which were unveiled in May 2013, will enable Singapore to cooperate more fully with other nations to curtail tax crimes. They are as follows:

  1. In keeping with the internationally agreed Standard, Singapore will provide EOI assistance to all existing tax treaty partners, without having to revise bilateral agreements individually.
  2. The local tax authority will be allowed access to bank and trust information from financial institutions without a Court Order.
  3. The Government will reach an agreement with its US counterpart to help financial institutions here comply with the Foreign Account Tax Compliance Act.

For full details please refer to the Ministry of Finance’s website.

Source: Ministry of Finance

Public feedback on changes to the Income Tax Act sought by MOF

On By taxsgIn General News

19 June 2013

A public consultation on the draft Income Tax (Amendment) Bill 2013 will be conducted by the Ministry of Finance (MOF) from 17 June to 7 July 2013.

The proposed amendments to the Income Tax Act (ITA) which principally relate to the changes announced in the 2013 Budget Statement are as follows:

  • Granting corporate tax rebate at 30% of tax payable capped at $30,000 per Year of Assessment (YA) for YAs 2013 to 2015,
  • Provision of a Productivity and Innovation Credit (PIC) bonus up to $15,000 over three YAs (YAs 2013 to 2015)
  • Enhancements to the PIC Scheme by liberalising the scope of automation equipment eligible for PIC and by extending PIC beyond IP acquisition to IP in-licensing, and
  • Granting personal income tax rebate for YA 2013 for resident-individual taxpayers. The rebate is 30% of tax payable, capped at $1,500 for taxpayers below 60 years old, and 50% of tax payable, capped at $1,500 for those aged 60 years and above.

The Income Tax (Amendment) Bill 2011 also provides for refinements to existing tax policies and tax administration which include the following:

  • Lifting current restrictions on deductions/capital allowances for foreign-hired and foreign-owned cars
  • Simplifying capping rule on tax deduction and tax exemption for third-party voluntary contributions (VC) made to an Employee or Self-Employed Person (SEP)’s medisave account, and
  • Allowing taxpayers in a non-taxable position to apply to Comptroller to amend tax assessments to correct for their own error.

For full details please refer to the Ministry of Finance’s website.

Source: Ministry of Finance

Income Tax (Amendment) Bill (No 29 of 2012) introduced in Parliament

On By taxsgIn e-Gazette, Income Tax Act, Legislative Updates

18 October 2012

The Income Tax (Amendment) Bill was introduced in Parliament on 15 October 2012. The Bill seeks to implement the tax changes in the Government’s 2012 Budget Statement, to make certain other amendments to the Income Tax Act (Cap 134), and to make related amendments to the Economic Expansion Incentives (Relief from Income Tax) Act (Cap 86).

Further details of the amendments to the various sections of the Income Tax Act and Economic Expansion Incentives (Relief from Income Tax) Act can be found in the “Explanatory Statement” of the Income Tax (Amendment) Bill.

Source: Government Gazette