Summary of Responses - Public Consultation on Draft Income Tax (Amendment) Bill 2011

MOF Accepts 23 out of 55 Suggestions on the Draft Income Tax (Amendment) Bill 2011

1. The Ministry of Finance (MOF) has accepted for implementation 23 out of the 55 suggestions on the draft Income Tax (Amendment) Bill 2011 received during the public consultation exercise held from 11 July 2011 to 1 August 2011. These suggestions will be incorporated into the revised Income Tax (Amendment) Bill 2011. The remaining 32 suggestions were not accepted for implementation as they were inconsistent with the legislative drafting conventions or the policy objectives for the proposed legislative changes.

Draft Income Tax (Amendment) Bill 2011

2. The draft Income Tax (Amendment) Bill 2011 contains proposed legislation to put into effect the tax changes announced in Budget 2011, as well as other changes arising from the periodic review of the income tax system. Most feedback was received on the following tax changes:

Public Participation in the Consultation Exercise

3. A summary of the key comments received and MOF’s responses are as follows:

4. MOF would like to thank all respondents for their comments.