Summary of MOF's Responses to Public Feedback on Draft Income Tax (Amendment) Bill 201424 Sep 2014
MOF accepts 32 of 102 suggestions on the Draft Income Tax (Amendment) Bill 2014
The Ministry of Finance (MOF) received 102 suggestions on the draft Income Tax (Amendment) Bill 2014 during the public consultation exercise held from 4 to 24 July 2014.
2. Thirty-two suggestions were accepted. These will be incorporated into the revised Income Tax (Amendment) Bill 2014, and some comments seeking clarifications will be further explained in the Inland Revenue Authority of Singapore’s (IRAS) e-Tax Guides. The remaining suggestions were not accepted as they were inconsistent either with the legislative drafting conventions or the policy objectives of the proposed legislative changes.
Draft Income Tax (Amendment) Bill 2014
3. The draft Income Tax (Amendment) Bill 2014 contains proposed legislation to effect the tax changes announced at Budget 2014, as well as other changes arising from the periodic review of the income tax system. Most of the feedback received were on the following tax changes:
- Introducing changes to the Productivity and Innovation Credit (PIC) scheme and implementing the PIC+ scheme
- Putting in place measures to curb abuses of the PIC scheme
- Granting tax deduction for expenses incurred to comply with statutory and regulatory requirements
- Extending Section 19B Writing-Down Allowance (WDA) for Intellectual Property Rights (IPRs) by five years and clarifying the type of “information that has commercial value” that would be eligible for WDA
- Refining the Designated Unit Trust (DUT) Scheme
- Allowing SRS members who qualify for the 50% tax concession to withdraw their SRS investments without liquidation of such investments
- Enabling the ratification of the Convention on Mutual Administrative Assistance in Tax Matters
4. MOF would like to thank all respondents for their comments.
Annex: MOF’s responses to the feedback received (206 KB)