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Public Consultation on Draft Income Tax (Amendment) Bill 2015

Topics

Tax-Related (Income Tax)

26 June 2015

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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 2015. We invite you to comment on the proposed amendments which come under two categories:

SCOPE OF THE CONSULTATION EXERCISE

  1. The draft Income Tax (Amendment) Bill 2015 incorporates 37 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 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 2015 is available for public consultation from 26 June to 24 July 2015. We regret that comments received after 24 July 2015 will not be considered, as they will not be received in time for incorporation into the final Bill.

FEEDBACK CHANNEL

  1. We encourage all interested parties to submit your comments via our online submission form. The online submission form 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 received on the Ministry of Finance’s website, together with our responses, by the end of August 2015. 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 for this public consultation exercise.

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