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Ministry of Finance (MOF)
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Public Consultations

Public Consultation on Draft Income Tax (Amendment) Bill 2012

24 July 2012

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  1. The Ministry of Finance is seeking public feedback on 30 proposed legislative amendments under the draft Income Tax (Amendment) Bill 2012. We invite you to comment on the two categories of proposed amendments:

Scope of the Consultation Exercise

  1. The draft Income Tax (Amendment) Bill 2012 incorporates 30 proposed legislative amendments to the Income Tax Act, including:

  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 and participation 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 2012 is available for public consultation from 24 July 2012 to 13 August 2012.We regret that comments received after 13 August 2012 will not be considered as there would be insufficient time to incorporate them into the final Bill.

Feedback Channel

  1. We encourage all interested participants to submit your comments via our online submission form, which 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, by end of September 2012. 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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