The Singapore government has created a new Tax Advisory Council that will consist of representatives from the public and private sectors, and will make recommendations to ministers on policy and administration matters.
According to reports in the regional media, the Singaporean Finance Ministry has indicated that the 12 member panel will report to the government semi-annually, and will advise on rates of taxation as well as discussing industry trends.
The Finance Ministry has also revealed the results of the consultation exercise held recently relating to changes to the income tax bill. It announced that it has received comments from over 130 members of the public, most of whom were concerned about tax exemptions for foreign sourced income, and the automatic recording of allowances for intellectual property rights.
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