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Public Consultations

Public Consultation on Draft Income Tax (Amendment No. 3) Bill 2016

Topics

Tax-Related (Income Tax)

8 July 2016

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Introduction

  1. The Ministry of Finance is conducting a public consultation on the draft Income Tax (Amendment) (No. 3) Bill 2016 from 8 July to 29 July 2016, and invites the public to give feedback on the draft Bill.

Scope Of The Consultation Exercise

  1. The draft Income Tax (Amendment) (No. 3) Bill 2016 incorporates 49 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) (No. 3) Bill 2016 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) (No. 3) Bill 2016 is available for public consultation from 8 July to 29 July 2016. We regret that comments received after 29 July 2016 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 2016. The identity of respondents will not be disclosed in the summary.

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

Documents to Download

Income Tax (Amendment No. 3) Bill 2016

- Entire Bill (word) ( pdf)
- Clause 1 to 63 (word) (pdf)
- Explanatory Statement (word) (pdf)

Table caption

Summary Table

- Budget 2016 Changes (word) (pdf)
- Non-Budget Changes (word) (pdf)

Table caption

Prescribed Template for Submission of Comments (word) (pdf)

Other useful references:

  • You may obtain a copy of the Income Tax Act here.

  • For more details on the tax changes, you may refer to the circulars on IRAS’ website

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