Give Your Comments On Changes To The Income Tax Act
15 Jun 2007The Ministry of Finance invites members of the public to give their comments on proposed amendments to the Income Tax Act (ITA).
2. This consultation exercise on the Draft Income Tax (Amendment) Bill 2007 will last over one month from 15 June to 14 July 2007.
3. The proposed amendments to the ITA are to cater for the Budget 2007 tax changes and other non-Budget changes. The Budget 2007 changes to be legislated include the reduction in corporate income tax rate to 18%; partial tax exemption for the first $300,000 of chargeable income of corporations; and tax exemption for registered charities (all effective from the year of assessment 2008).
4. In addition to the tax changes announced in Budget 2007, the amendments also provide for other changes or refinements to existing tax policies and administration. This includes changes to allow deferment of section 19A capital allowances claims; amendment to the eligibility criteria for Parenthood Tax Rebate and Working Mother's Child Relief; and the enhancement and refinement of tax transparency treatment for Real Estate Investment Trusts.
5. The consultation papers, draft Income Tax (Amendment) Bill 2007 and accompanying documents can be found in the government's central consultation portal [http://www.reach.gov.sg] as well as at the Ministry of Finance's website. Respondents may send their comments to the Ministry of Finance directly from the website, or separately via email, fax or post.
6. The draft Bill is targeted to be tabled for the First Reading in Parliament in September 2007. To facilitate the timely enactment of the legislation, the Ministry would not be able to consider comments submitted after the deadline of 14 July 2007.
MINISTRY OF FINANCE