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Ministry of Finance (MOF)
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Public Consultation on Draft Income Tax (Amendment) Bill 2018

Topics

Tax-Related (Income Tax)

20 June 2018

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INTRODUCTION

  1. The Ministry of Finance is conducting a public consultation on the draft Income Tax (Amendment) Bill 2018 from 20 June to 11 July 2018, and invites the public to give feedback on the draft Bill.

SCOPE OF THE CONSULTATION

  1. The draft Income Tax (Amendment) Bill 2018 incorporates 36 proposed legislative amendments to the Income Tax Act (“ITA”):

  2. The summary table provides a brief description of the tax changes and explains the amendments to the ITA. Please refer to the draft Income Tax (Amendment) Bill 2018 and its accompanying Explanatory Statement for details.

GUIDELINES

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

  2. As far as possible, explain your points with illustrations, examples, data or alternative formulations of the amendments.

  3. All comments received during the consultation 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 2018 is available for public consultation from 20 June to 11 July 2018. We regret that comments received after 11 July 2018 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 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 2018. 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.

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