|
1. A public consultation exercise on the draft Property
Tax (Amendment) Bill 2004 was held from 15 July 2004
to 11 August 2004 to obtain feedback on areas of the
draft legislation that require greater clarity or could
be modified to facilitate compliance by companies and
taxpayers.
2. The draft Property Tax (Amendment) Bill 2004 incorporates
all amendments to the Property Tax Act relating to the
following tax changes:
| a. |
Facilitation of electronic
transactions via IRAS's new system IRIN |
| b. |
Appointment of Deputy Chairmen
for the Valuation Review Board |
| c. |
Repeal of Section 8 on the
incentive for Energy Conservation |
3. The summary
table lists all the tax changes and explains the
amendments to the Property Tax Act.
4. MOF did not receive any feedback from the public
consultation exercise. As such, the current draft Property
Tax (Amendment) Bill 2004 will be tabled to Parliament
in October 2004 without any changes.
5. We will continue the practice of consulting the
public before finalising the amendments to our income
tax laws. We look forward to receiving constructive
feedback from the public.
|
