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Public Consultations

Public Consultation on Draft Income Tax (Amendment) Bill 2011

11 July 2011

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INTRODUCTION

  1. The Ministry of Finance is seeking public feedback on 37 proposed legislative amendments under the draft Income Tax (Amendment) Bill 2011. We invite you to comment on the proposed amendments.

  2. Your views on the legislative amendments that give effect to policies announced in Budget 2011 will help us improve the draft legislation with regard to its clarity or its implications for efficiency of compliance by taxpayers. The policies themselves had been adopted after debate in Parliament.

  3. For the legislative amendments relating to the non-Budget changes, we welcome comments on both the policy and drafting aspects of the proposed amendments.

SCOPE OF THE CONSULTATION EXERCISE

  1. The draft Income Tax (Amendment) Bill 2011 incorporates 37 proposed legislative amendments to the Income Tax Act as follows:

  2. The summary table provides a brief description of the tax changes and explains the amendments to the Income Tax Act. Please refer to the draft Income Tax (Amendment) Bill and its accompanying Explanatory Statement for details.

GUIDELINES

  1. We would appreciate your full support to ensure that the consultation exercise is productive and focused. 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 or regulations. All comments received during the consultation exercise will be reviewed thoroughly and, if accepted, will be incorporated in the Bill for introduction in Parliament.

PERIOD OF CONSULTATION

  1. The draft Income Tax (Amendment) Bill 2011 is available for public consultation from 11 July 2011 to 1 August 2011. We regret that comments received by the Ministry after 1 August 2011 will not be considered as they will be too late for incorporation into the final Bill.

FEEDBACK CHANNEL

  1. We encourage all interested participants to submit your comments via our online submission form. Using this online submission form is the easiest and quickest way for your comments to reach us for consideration.

    You can also send us your comments, using the prescribed template, through:

SUMMARY OF RESPONSE

  1. We will publish on this website a summary of the main comments we receive, together with our responses, by early September 2011. The summary will not disclose the identity of respondents, and will not separately address or acknowledge every comment received.

DOCUMENTS TO DOWNLOAD

  1. For your convenience, the relevant documents relating to this public consultation exercise can be downloaded for further reference. Please click here.

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