When we are paying them millions?
SINGAPORE: The Finance Ministry is seeking public feedback on this year's draft Income Tax (Amendment) Bill. Most of the proposed amendments are to cater for the tax changes announced in the Budget 2009.
These include: Cutting the corporate income tax rate from 18 per cent to 17 per cent, with effect from the 2010 Year of Assessment; accelerated capital allowances for plant and machinery; enhanced loss carryback; and enhancements to incentives for promoting fund management here.
In addition to the tax changes announced in Budget 2009, the amendments also provide for refinements to existing tax policies due to ongoing reviews.
Some proposed changes are: A provision to disregard, for tax purposes, certain gains and losses from the disposal of real properties; a provision for the "arm's length principle" with regard to transactions between related parties; and the removal of the Commonwealth tax relief.
The public consultation will run from Monday June 22 to Tuesday July 14.
The consultation guidelines, draft Income Tax (Amendment) Bill 2009 and explanations for the amendments can be found at www.reach.gov.sg , as well as the Finance Ministry website .
Respondents may send their comments to the ministry directly via the website, through email, fax or post.
- CNA
SINGAPORE: The Finance Ministry is seeking public feedback on this year's draft Income Tax (Amendment) Bill. Most of the proposed amendments are to cater for the tax changes announced in the Budget 2009.
These include: Cutting the corporate income tax rate from 18 per cent to 17 per cent, with effect from the 2010 Year of Assessment; accelerated capital allowances for plant and machinery; enhanced loss carryback; and enhancements to incentives for promoting fund management here.
In addition to the tax changes announced in Budget 2009, the amendments also provide for refinements to existing tax policies due to ongoing reviews.
Some proposed changes are: A provision to disregard, for tax purposes, certain gains and losses from the disposal of real properties; a provision for the "arm's length principle" with regard to transactions between related parties; and the removal of the Commonwealth tax relief.
The public consultation will run from Monday June 22 to Tuesday July 14.
The consultation guidelines, draft Income Tax (Amendment) Bill 2009 and explanations for the amendments can be found at www.reach.gov.sg , as well as the Finance Ministry website .
Respondents may send their comments to the ministry directly via the website, through email, fax or post.
- CNA
