Tag: Income Tax (Amendment) Order

Income Tax Act (Amendment of Eighth Schedule) Order 2012 [595/2012] comes into operation on 3 December 2012

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

6 December 2012

The Income Tax Act (Amendment of Eighth Schedule) Order 2012 came into operation on 3 December 2012, where amendments were made to the Eight Schedule of the Income Tax Act (Cap 134) which relates to “Information to be included in a request for information under Part XXA”.

The Eight Schedule: Part XXA – Exchange of information under avoidance of double taxation arrangements and exchange of information arrangements, now reads as follows:

  1. The purpose of the request.
  2. The identity of the competent authority.
  3. The identity of the person in relation to whom the information is requested.
  4. A statement of the information requested for including its nature, and the form in which the competent authority wishes to receive the information from the Comptroller.
  5. The grounds for believing that the information requested for is held by the Comptroller, the Comptroller of Goods and Services Tax, the Comptroller of Property Tax, the Chief Assessor or the Commissioner of Stamp Duties, or is in the possession or control of a person in Singapore.
  6. To the extent known, the name and address of any person believed to have possession or control of the information requested for.
  7. A statement that the request is in conformity with the law and administrative practices of the country of the competent authority, and that the competent authority is authorised to obtain the information under the laws of that country or in the normal course of administrative practice.
  8. A statement that the country has pursued all means available in its own territory to obtain the information except those that would give rise to disproportionate difficulties.
  9. [Deleted by S 595/2012 wef 03/12/2012]
  10. Any other information required to be included with the request under the prescribed arrangement.
  11. Any other information that may assist in giving effect to the request.

Source: Government Gazette

Income Tax (Approved Banks) (Consolidation) (Amendment No. 6) Order 2012 [S 499/2012] deemed to have come into operation on 29 August 2012

On By taxsgIn e-Gazette, Legislative Updates

15 October 2012

The Income Tax (Approved Banks) (Consolidation) (Amendment No. 6) Order 2012, published on 3 October 2012, shall be deemed to have come into operation on 29 August 2012.

The Income Tax (Approved Banks) (Consolidation) Order (O32) is amended by deleting item (34) relating to “Bank of New Zealand”.

Source: Government Gazette

Income Tax Act (Amendment of Seventh Schedule) Order 2012 comes into operation on 1 April 2012

On By taxsgIn e-Gazette, Legislative Updates

5 April 2012

Income Tax Act (Amendment of Seventh Schedule) Order 2012, published on 30 March 2012, shall come into operation on 1 April 2012.

The Order revises Part II of the Seventh Schedule to the Income Tax Act iro the application fees for a ruling to:

(a) a non-refundable application fee of $535 (inclusive of goods and services tax), which must accompany the application (para 1 (a)).

(b) a further fee, calculated at $133.75 (inclusive of goods and services tax) per hour (or part hour), beyond the first four hours, spent in consideration of the application by the Comptroller, including any time spent by the Comptroller in consulting with the applicant (para 1(b)).

Prior to this Order, the fees for (a) and (b) were $525 and $131.25 respectively.

The fee for the provision of an advance ruling is based on cost recovery and its structure is as follows:

  • Application fee of $535 (inclusive of GST) is payable upon application and is  non-refundable even if the ruling request is rejected by the Comptroller of Goods and Services Tax (CGST) (e.g. where  the arrangement is hypothetical) or subsequently withdrawn by the applicant (regardless of the reasons for withdrawal). This is to deter frivolous requests and it takes into account the time the CGST spent on considering whether to accept the request
  • further time-based fee of $133.75 (inclusive of GST) per hour for each or part hour  subsequent to the first four hours taken to provide the ruling, and
  • reimbursement fee for any costs and reasonable disbursements the CGST incurred for the advance ruling, and any fees paid by the CGST for external  professional advice with the agreement of the taxpayer.

Source: e-Gazette and IRAS

Income Tax (Approved Banks) (No. 3) (Amendment) Order

On By taxsgIn e-Gazette, Legislative Updates

3 January 2012

Income Tax (Approved Banks) (No. 3) (Amendment) Order 2011, published on 28 December 2011, is deemed to come into operation on 11 November 2011.

It amends Paragraph 2 of the Income Tax (Approved Banks) (No. 3) Order 2010 (G.N. No. S 275/2010), by deleting the words, ‘‘DnB NOR Bank ASA’’, and  substituting the words, ‘‘DNB Bank ASA Singapore Branch’’.

Source: e-Gazette