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MOF Invites Feedback on Proposed Changes to The Property Tax Act (2017)

Topics

Tax-Related (Property Tax)

4 May 2017

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INTRODUCTION

  1. The Ministry of Finance is seeking public feedback on the draft Property Tax (Amendment) Bill 2017.

  2. We invite you to comment on the proposed policy changes and the drafting of legislative amendments which will give effect to these policy changes. Your views on the drafting will help us improve the clarity of the legislative amendments.

SCOPE OF THE CONSULTATION EXERCISE

  1. The draft Property Tax (Amendment) Bill 2017 provides for three changes to the Property Tax Act. The amendments are intended to update the legislation and to improve tax administration. Specifically, the changes will:

    This amendment will strengthen IRAS’ enforcement and information-gathering powers.

  2. The summary table lists the above three changes and explains the amendments to the Property Tax Act.

GUIDELINES

  1. We would appreciate your participation to ensure that the consultation exercise is productive. Respondents are requested to observe these guidelines:

  2. This draft legislation is released only for the purpose of consultation and should therefore not be used for individual or business decisions as it does not represent the final legislation. All comments received during the consultation exercise will be reviewed thoroughly and, if accepted, will be incorporated into the Bill for introduction in Parliament.

PERIOD OF CONSULTATION

  1. The draft Property Tax (Amendment) Bill 2017 for the changes in paragraphs 3a to 3c are available for public consultation from 4 May to 25 May 2017*. We regret that comments received after 25 May 2017* will not be considered for incorporation into the final Bill.

FEEDBACK CHANNEL

  1. We encourage all interested participants to submit your comments via our online submission form as this is the easiest and quickest way for your comments to reach us. You can also send us your comments, using the prescribed template, through:

SUMMARY OF RESPONSE

  1. We will publish a summary of the main comments we receive on the Ministry Of Finance’s website, together with our responses. The identity of respondents will not be disclosed in the summary.

DOCUMENTS TO DOWNLOAD

  1. For further reference, please click here to download the relevant documents relating to this public consultation exercise.

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*Update, 19 May 2017: The consultation period has been extended to 25 May 2017.
*Update, 1 Aug 2017: The summary of responses will be published by end September 2017.

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