Press Releases

1. The Ministry of Finance invited the public to provide feedback on the draft Income Tax (Amendment) Bill 2018 from 20 June to 11 July 2018^[1]. The draft Bill proposes: legislative amendments to effect tax changes announced in Budget 2018; changes arising from the periodic review of the income tax system; as well as changes to strengthen law enforcement.

2. The feedback received mostly pertained to the following tax changes:

• Allowing tax deduction on car-related expenses incurred by private-hire car drivers against their driving income
• Enhancing the Inland Revenue Authority of Singapore (IRAS)’s powers to investigate tax crimes
• Facilitating the sharing of information by IRAS with law enforcement agencies to combat serious crimes
• Clarifying the tax treatment for leases arising from the adoption of Financial Reporting Standard 116 leases
• Clarifying the tax treatment for real estate investment trust exchange-traded funds 

Responses to common feedback are highlighted in Annex A (278 KB).

3. Of the 100 suggestions received, 37 are accepted and revisions are accordingly made to the draft text of the Bill. The remaining suggestions are not accepted, as they are inconsistent with the policy objectives of the proposed legislative changes or with legislative drafting conventions.

4. MOF thanks all individuals and organisations who have taken the time and effort to provide their input.


Issued by:
Ministry of Finance
Singapore
10 September 2018



^[1] Please refer to the press release issued on 20 June 2018 for the public consultation documents on the draft Income Tax (Amendment) Bill 2018.