On 20 July 2020, Singapore’s Ministry of Finance (MOF) launched a public consultation on the draft Income Tax (Amendment) Bill 2020. The stakeholders are invited to provide feedback on these legislative amendments from 20 July to 7 August 2020.
The draft Income Tax (Amendment) Bill 2020 proposes legislative amendments to
- effect tax measures announced in Budgets 2020, such as the corporate income tax rebate announced on 18 February 2020;
- enhance the Comptroller of Income Tax’s powers to safeguard public monies;
- clarify the tax treatment of measures announced for COVID-19 support to businesses and households; and
- improve tax administration and the clarity of existing legislation.
The draft Goods and Services Tax (Amendment) Bill 2020 proposes to
- introduce measures to enhance the Comptroller of GST’s powers to safeguard public monies, investigate tax offences, and counter GST fraud; and
- improve GST administration and the clarity of existing legislation.
The public can access the details, including the draft Income Tax (Amendment) Bill 2020 and GST (Amendment) Bill 2020, on the Ministry of Finance’s website and the REACH consultation portal. Interested parties are required to use the prescribed template to email comments on the draft Income Tax (Amendment) Bill 2020 and GST (Amendment) Bill 2020 to pc_itabill@mof.gov.sg and pc_gstabill@mof.gov.sg respectively.
