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Press Releases

MOF Accepts 17 Changes to Draft Income Tax Bill

30 Aug 2004

1. The Ministry of Finance (MOF) has accepted 17 suggested amendments to the draft Income Tax (Amendment) Bill 2004. They were among 51 comments received in the consultation exercise held in Jun 2004.

2. Most of the comments were on:

(a) the tax exemption scheme for foreign source income and domestic source investment income received by individuals
(b) tax reporting for companies in non-Singapore dollar functional currency, and
(c) incentives to promote the asset management industry.

3. The consultation exercise ran from 1 June to 30 June 2004 for feedback on how the drafting could be improved for greater clarity and easier compliance. This is the second time that draft income tax legislation has been published for consultation. It is the first of a series of public consultation exercises on the different tax legislative changes planned for the year.

4. The comments which have not been accepted include those which suggested changes that are inconsistent with drafting convention or terms used in other tax legislation. Others went beyond the purpose of the exercise. They covered changes in tax policy and administration.

5. MOF thanks all respondents in this consultation exercise. MOF's responses to the major comments received are summarised on MOF's website.