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Public Consultation on Draft Income Tax (Amendment) Bill 2017

Topics

Tax-Related (Income Tax)

19 June 2017

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INTRODUCTION

  1. The Ministry of Finance is conducting a public consultation on the draft Income Tax (Amendment) Bill 2017 from 19 June to 10 July 2017, and invites the public to give feedback on the draft Bill.

SCOPE OF THE CONSULTATION

  1. The draft Income Tax (Amendment) Bill 2017 incorporates 34 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 2017 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.

  3. 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 2017 is available for public consultation from 19 June to 10 July 2017. We regret that comments received after 10 July 2017 will not be considered, as they will not be in time for incorporation in the 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 2017. The identity of respondents will not be disclosed in the summary.

DOCUMENTS TO DOWNLOAD

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

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[1] Transfer pricing is the pricing of goods, services and intangibles between related parties. For the purpose of tax, related parties must deal with each other at arm’s length, i.e. the transfer prices between them must be equivalent to prices that unrelated parties would have charged in the same or similar circumstances. Transfer pricing documentation refers to the records kept by taxpayers to show that their related party transactions are conducted at arm’s length.

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