Singapore's Ministry of Finance has launched a public consultation on proposed amendments to the Income Tax Act, announced by Prime Minister and Minister of Finance Lee Hsein Loong in the 2005 budget.
Some of the major tax changes proposed in the last budget include the introduction of loss carry-back, the reduction of withholding tax on REIT (real estate investment trust) distributions and the enhancement of the tax incentive for start-up fund management companies.
In addition to these changes, other amendments seek to improve tax administration, including accelerated write-off for assets below S$1,000.
The consultation exercise stretches over 4 weeks from 4 June 2005 to 3 July 2005. It seeks feedback from all interested parties on areas of the draft legislation that require greater clarity or would make compliance difficult.
The draft Bill will be tabled for its First Reading in Parliament in September 2005.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment