The Singapore Ministry of Finance has published the summary of responses to the public consultation held on the draft Income Tax (Amendment) Bill 2021.
Summary of Responses to Public Consultation on the Draft Income Tax (Amendment) Bill 2021
03 Sep 2021
1. The Ministry of Finance (MOF) invited the public to provide feedback on the draft Income Tax (Amendment) Bill 2021 from 11 June to 2 July 2021. The draft Bill proposes legislative amendments to effect (i) tax measures announced in the Budget 2021 Statement on 16 February 2021; (ii) economy-wide and sector-specific measures announced by the Government in May 2021 and July 2021 in response to the COVID-19 pandemic; and (iii) tax changes arising from periodic review of our income tax system and technical amendments.
2. We received feedback on the proposed legislative amendments, especially on the following tax changes:
MOF's responses to the key feedback on the proposed legislative amendments are in Annex A.
3. The proposed legislative changes will be incorporated into the Income Tax (Amendment) Bill 2021 and presented to Parliament in September 2021. We thank all individuals and organisations for your feedback.