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The Ministry of Finance invites comments from
members of the public on proposed amendments to the Income Tax Act (ITA). |
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This ITA 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. |
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Some of the Budget 2005 tax changes to be
legislated include the introduction of loss carry-back, the reduction of
withholding tax on REIT distributions and the enhancement of the tax incentive
for start-up fund management companies. |
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In addition to tax changes announced in Budget
2005, there are other changes to improve tax administration, including
accelerated write-off for assets below $1,000. |
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The consultation paper, draft Income Tax
(Amendment) Bill 2005 and accompanying documents will be available at the
government¡¯s central consultation portal [http://app.feedback.gov.sg/asp/ocp/
ocp01a.asp] as well as the MOF website at
http://www.mof.gov.sg/consultation_current /index.html from 4 June 2005.
Respondents may send their comments to the Ministry of Finance directly from
the website, or separately via email, fax or post. |
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The draft Bill will be tabled for its First
Reading in Parliament in September 2005. To facilitate the timely enactment of
the legislation, the Ministry would not be able to consider comments submitted
after the deadline of 3 July 2005. |
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MINISTRY
OF FINANCE
3 JUN
2005 |
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Source:
www.mof.gov.sg Press Release 3 Jun 2005 |
Give your views on changes to Income Tax Act
