singapore income tax act - chapter 134

6/5/2016 SingaporeStatutesOnline134IncomeTaxAct

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IncomeTaxAct(CHAPTER134)

LongTitle

PartIPRELIMINARY

1Shorttitle

2Interpretation

PartIIADMINISTRATION

3AppointmentofComptrollerandotherofficers

4PowersofComptroller

5Approvedpensionorprovidentfundorsociety

6Officialsecrecy

7Rules

8Serviceandsignatureofnotices

9Freepostage

PartIIIIMPOSITIONOFINCOMETAX

10Chargeofincometax

10AProfitsofinvestmentcompany

10BProfitsofunittrusts

10CExcessprovidentfundcontributions,etc.,deemedtobeincome

10DIncomefromfinanceoroperatinglease

10EAscertainmentofincomeofinvestmentholdingcompany

10F(Repealed)

10G(Repealed)

10HAscertainmentofincomefrombusinessofhiringoutmotorcarsorprovidingdrivinginstruction

10IReductionofsharecapital

10JSharesbuyback

10KSharesredemption

10LWithdrawalsfromSupplementaryRetirementScheme

10MBuybackofpreferentialshares



10NSecuritieslendingorrepurchasearrangement

11Ascertainmentofincomeofclubs,tradeassociations,etc.

12SourcesofincomeTradingoperationscarriedonpartlyinSingapore

PartIVEXEMPTIONFROMINCOMETAX

13Exemptincome

13AExemptionofshippingprofits

13BExemptionofcertaindividends

13CExemptionofincomeofnonresidentarisingfromfundsmanagedbyfundmanagerinSingapore

13DExemptionofcertaindividendsofapprovedinvestmentcompany

13EExemptionofdividendsfromforeignincome

13FExemptionofinternationalshippingprofits

13GExemptionofincomeofforeigntrust

13HExemptionofincomeofventurecompany

13IExemptionofcertaindividendsofSingaporeExchangeDerivativesTradingLimited

13JExemptionoftaxongainsorprofitsfromentrepreneurialemployeeequitybasedremunerationscheme

13KExemptionofcertaindividendsofSingaporeExchangeDerivativesClearingLimited

13LExemptionoftaxongainsorprofitsfromcompanyemployeeequitybasedremunerationscheme

13MExemptionofincomeofcharities

13NExemptionoftaxonincomederivedbynonordinarilyresidentindividual

PartVDEDUCTIONSAGAINSTINCOME

14Deductionsallowed

14ADeductionforpatentingcosts

14BFurtherdeductionforexpensesrelatingtoapprovedtradefairs,exhibitionsortrademissionsortomaintenanceofoverseastradeoffice

14C(Repealed)

14DExpenditureonresearchanddevelopment

14EFurtherdeductionforexpenditureonresearchanddevelopmentproject

14FManagementexpensesofinvestmentcompanies

14G(Repealed)



14HExpenditureonbuildingmodificationsforbenefitofdisabledemployees

14IProvisionsbybanksandqualifyingfinancecompaniesfordoubtfuldebtsanddiminutioninvalueofinvestments

14JFurtherdeductionforexpenditureonresearchanddevelopmentofnewfinancialactivities

14KFurtherordoubledeductionforoverseasinvestmentdevelopmentexpenditure

14LFurtherdeductionforexpensesincurredinrelocationorrecruitmentofoverseastalent

14MDeductionforhotelrefurbishmentexpenditure

14NDeductionofupfrontlandpremium

14ODeductionforspecialreserveofapprovedgeneralinsurancecompany

15Deductionsnotallowed

PartVICAPITALALLOWANCES

16Initialandannualallowancesforindustrialbuildingsandstructures

17Balancingallowancesandchargesforindustrialbuildingsandstructures

18Definitionsforsections16and17

19Initialandannualallowancesformachineryorplant

19AAllowancesof3yearswriteoffformachineryandplant,and100%writeoffforcomputer,prescribedofficeautomationequipmentandrobot,etc.

19BWritingdownallowancesforintellectualpropertyrights

19CWritingdownallowancesforapprovedcostsharingagreementforresearchanddevelopmentactivities

19DWritingdownallowanceforIRU

20Balancingallowancesandchargesformachineryorplant

21Replacementofmachineryorplant

22Expenditureonmachineryorplant

22AOrderofsetoffofallowances

23Carryforwardofallowances

24Specialprovisionsastocertainsales

25(Repealed)

PartVIIASCERTAINMENTOFCERTAININCOME

26Profitsofinsurancecompanies

27Profitsofnonresidentshipownerorcharterer

28Profitsofnonresidentairtransportandcableundertakings



29Incomefromcertaindividendstoincludetaxthereon

30Certainundistributedprofitsmaybetreatedasdistributed

31Incomearisingfromsettlements

32Valuationoftradingstockondiscontinuanceortransferoftradeorbusiness

33Comptrollermaydisregardcertaintransactionsanddispositions

34Discretionnobartoappeal

PartVIIIASCERTAINMENTOFSTATUTORYINCOME

35Basisforcomputingstatutoryincome

35ACessationofsourceofincomecommencedbefore1stJanuary1969

36Partnership

PartIXASCERTAINMENTOFASSESSABLEINCOME

37Assessableincome

37ARestrictionondeductionoftradinglossesagainstdividends

37BAdjustmentofcapitalallowances,lossesordonationsbetweenincomesubjecttotaxatdifferentrates

37CGroupreliefforSingaporecompanies

PartXASCERTAINMENTOFCHARGEABLEINCOMEANDPERSONALRELIEFS

38Chargeableincome

39ReliefanddeductionforresidentindividualandHindujointfamily

40Relieffornonresidentcitizensandcertainothernonresidents

40ARelieffornonresidentpublicentertainers

40BRelieffornonresidentemployees

40CRelieffornonresidentSRSmembers

40DRelieffornonresidentderivingincomefromactivityaspublicentertainerandemployee,etc.

41Proofofclaimsfordeductionorrelief

PartXIRATESOFTAX

42Ratesoftaxuponindividuals

42ARebateforsecond,thirdandfourthchildoffamily

43Rateoftaxuponcompaniesandothers

43AConcessionaryrateoftaxforAsianCurrencyUnit,FundManagerandsecurities



company

43BSpecialrateoftaxfornonresidentshipownerorchartererorairtransportundertaking

43CExemptionandconcessionaryrateoftaxforinsuranceandreinsurancebusiness

43DConcessionaryrateoftaxforoffshoretransactionsonanymarketmaintainedbySingaporeExchangeoritssubsidiaries

43EConcessionaryrateoftaxforheadquarterscompany

43FConcessionaryrateoftaxforoiltradingcompany

43GConcessionaryrateoftaxforFinanceandTreasuryCentre

43HConcessionaryrateoftaxforinternationalcommoditytradingcompany

43IConcessionaryrateoftaxforoffshoreleasingofmachineryandplant

43JConcessionaryrateoftaxfortrusteecompany

43KConcessionaryrateoftaxformembersofcommodityfuturesexchange

43LConcessionaryrateoftaxforartandantiquedealers

43M(Repealed)

43NConcessionaryrateoftaxforincomederivedfromdebtsecurities

43OConcessionaryrateoftaxforcybertrading

43PConcessionaryrateoftaxforglobaltradingcompany

43QConcessionaryrateoftaxforfinancialsectorincentivecompany

PartXIIDEDUCTIONOFTAXATSOURCE

44Deductionoftaxfromdividendsofcompanies

44ATransitionalprovisionsforcompanysubjectedtoformerimputationsystem

45Withholdingoftaxinrespectofinterestpaidtononresidentpersons

45AApplicationofsection45toroyalties,managementfees,etc.

45BApplicationofsection45tononresidentdirectorsremuneration

45CApplicationofsection45todistributionbyunittrust

45DApplicationofsection45togainsfromrealpropertytransaction

45EApplicationofsection45towithdrawalsbynoncitizenSRSmembers,etc.

45FApplicationofsection45toincomefromprofessionorvocationcarriedonbynonresidentindividual,etc.

PartXIIIALLOWANCESFORTAXCHARGED

46Taxdeductedfromdividends,interests,etc.

47Specialallowanceforinterestreceivedastradingreceipts



PartXIVRELIEFAGAINSTDOUBLETAXATION

48ReliefinrespectofCommonwealthincometax

49Doubletaxationarrangements

50Taxcredits

50AUnilateraltaxcredits

PartXVPERSONSCHARGEABLE

Husbandandwife

51Incomeofwife

Trustees,agentsandcurators

52Chargeabilityoftrustees,etc.

53ChargeabilityofagentofpersonresidingoutofSingapore

54Liabilityofpersonchargeableinrespectofincapacitatedperson

55Liabilityofmanagersofcompaniesorbodiesofpersons

56Indemnificationofrepresentative

57Powertoappointagent

58Deceasedpersons

59Companywoundup

60Chargeabilityofjointtrustees

61Hindujointfamilies

PartXVIRETURNS

62Noticeofchargeabilityandreturns

63Furnishingofestimateofchargeableincomeifnoreturnismadeundersection62

64Comptrollermaycallforfurtherreturns

65Powertocallforreturns,books,etc.

65AStatementofbankaccounts,assets,etc.

65BPowerofComptrollertoobtaininformation

65CFailuretocomplywithnoticesissuedbyComptroller

66Returnstobedeemedtobefurnishedbydueauthority

67Keepingofbooksofaccountandgivingofreceipts

68Officialinformationandsecrecy,andreturnsbyemployer



69Liststobepreparedbyrepresentativeoragent

70Occupierstofurnishreturnofrentpayable

71Returntobemadebypartnership

71AFilingofreturnbyelectronictransmission

PartXVIIASSESSMENTSANDOBJECTIONS

72Comptrollertomakeassessments

73Advanceassessments

74Additionalassessments

75Waiverofsmallassessments

76Serviceofnoticesofassessmentandrevisionofassessment

77Errorsanddefectsinassessmentandnotice

PartXVIIIAPPEALS

78BoardofReview

79Rightofappeal

80Hearinganddisposalofappeals

81AppealstoHighCourt

82CasesstatedforHighCourt

83ProceedingsbeforeBoardandHighCourt

84Assessmentstobefinalandconclusive

PartXIXCOLLECTION,RECOVERYANDREPAYMENTOFTAX

85Timewithinwhichpaymentistobemade

86RecoveryoftaxfrompersonsleavingSingapore

87Penaltyfornonpaymentoftaxandenforcementofpayment

88Changeofaddress

89SuitfortaxbyComptroller

90StatementofComptrollersufficient

91Deductionoftaxfromemolumentsandpensions

92Remissionoftax

93Repaymentoftax

93AReliefinrespectoferrorormistake

PartXXOFFENCESANDPENALTIES



94Generalpenalties

95Penaltyforincorrectreturn

96Taxevasion

96ASeriousfraudulenttaxevasion

97Penaltiesforoffencesbyauthorisedandunauthorisedpersons

98Penaltyforobstructingofficers

99Taxtobepayablenotwithstandinganyproceedingsforpenalties

100Provisionsrelatingtopenalty

101Sanctionforprosecution

102Serviceofsummons

103Savingforcriminalproceedings

104Admissibilityofcertainstatementsanddocumentsasevidence

105Jurisdictionofcourt

PartXXIMISCELLANEOUS

106PowerstoamendSchedules

107CentralFundAdministratorandinstitutionofapubliccharacterapprovedundersection37

FIRSTSCHEDULEInstitution,Authority,PersonorFundExempted

SECONDSCHEDULERatesofTax

THIRDSCHEDULE

FOURTHSCHEDULENameofBond,Securities,StockorFund

FIFTHSCHEDULEChildRelief

SIXTHSCHEDULENumberofYearsofWorkingLifeofAsset

LegislativeHistory

ComparativeTable

INCOMETAXACT(CHAPTER134)

(OriginalEnactment:SecondReprint(1984)Cap.141)



REVISEDEDITION2004

(1stJanuary2004)

AnActtoimposeataxuponincomesandtoregulatethecollectionthereof.

[1stJanuary1948]

PARTI

PRELIMINARY

Shorttitle

1.ThisActmaybecitedastheIncomeTaxAct.

Interpretation

2.(1)InthisAct,unlessthesubjectorcontextotherwiserequires

accountantmeans apublic accountantwithin themeaningof theAccountantsAct(Cap.2)

advocate and solicitormeans an advocate and solicitorwithin themeaning of theLegalProfessionAct(Cap.161)

annualvaluehas the samemeaningas in section2of thePropertyTaxAct (Cap.254) and shall be ascertained in the samemanner as annual value is ascertainedunderthatAct

approvedpensionorprovidentfundorsocietymeansapensionorprovidentfundorsocietyapprovedbytheComptrollerundersection5

basisperiodforanyyearofassessmentmeanstheperiodontheprofitsofwhichtaxforthatyearfallstobeassessed

body of personsmeans any body politic, corporate or collegiate, any corporationsole and any fraternity, fellowship or society of persons whether corporate orunincorporatebutdoesnotincludeacompanyorapartnership

CentralFundAdministrationmeansany institutionofapubliccharacterappointedtobeaCentralFundAdministratorundersection107(1)

Commonwealth, in relation to a country, means any country recognised by thePresidenttobeaCommonwealthcountryandpartoftheCommonwealthmeansanyCommonwealth country, colony, protectorate or protected state or any otherterritoryadministeredbythegovernmentofanyCommonwealthcountry

companymeansanycompanyincorporatedorregisteredunderanylawinforceinSingaporeorelsewhere

ComptrollermeanstheComptrollerofIncomeTaxappointedundersection3(1)andincludes, forallpurposesof thisActexcept theexerciseof thepowersconferredupontheComptrollerbysections45(7),67(1)(a),95,96,96Aand101, aDeputyComptrolleroranAssistantComptrollersoappointed

countryincludesaterritory
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(a)

(b)

(a)

(b)

(a)

(b)

(c)

(d)

(e)

cropsincludesanyformofvegetableproduce

earnedincomemeansthestatutoryincomeofanindividualoraHindujointfamily,reducedbyanydeductionmadeundersection37(3)(a)from

gainsorprofitsfromanytrade,business,profession,vocationoremploymenton which tax is payable under section 10(1), where the Comptroller issatisfiedthatsuchgainsorprofitsareimmediatelyderivedfromthecarryingonorexercisebysuchindividualorHindujointfamily,asthecasemaybe,ofsuchtrade,business,profession,vocationoremploymentand

any pension on which tax is payable under section 10(1)(e) given to theindividualinrespectofthepastservicesofsuchindividualoranydeceasedindividual

employee

inrelationtoacompany,includesadirectorofthecompanyand

inrelationtoastatutoryboard,includesthechairmanandanymemberofthestatutoryboard,

andemployerandothercognateexpressionsshallbeconstruedaccordingly

employment pass means an employment pass issued by the Controller ofImmigrationundertheImmigrationRegulations(Cap.133,Rg1)

executormeansanyexecutor,administratororotherpersonadministeringtheestateofadeceasedperson

Fund Manager or fund manager means a company holding a capital marketsservices licence under the Securities and Futures Act (Cap. 289) for fundmanagementorthatisexemptedunderthatActfromholdingsuchalicence

goodsincludescurrencyandspecie

harvestingincludesthecollectionofcrops,howevereffected

HindujointfamilymeanswhatinanysystemoflawprevailinginIndiaisknownasaHindujointfamilyoracoparcenary

incapacitatedpersonmeansanyinfant,lunatic,idiotorinsaneperson

institution of a public charactermeans an institution or fund in Singapore whichis

ahospitalnotoperatedorconductedforprofit

apublicorbenevolentinstitutionnotoperatedorconductedforprofit

apublicauthorityorsocietynotoperatedorconductedforprofitandwhichisengagedinresearchorotherworkconnectedwiththecauses,preventionorcureofdiseaseinhumanbeings,wherethedonationisforsuchactivities

auniversityorapublicfundfortheestablishment,maintenance,enlargementorimprovementofauniversity

an educational institution not operated or conducted for profit, or a publicfund for the establishment, maintenance, enlargement or improvement of
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(f)

(g)

(h)

(i)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(i)

(A)

(B)

(C)

(ii)

suchaneducationalinstitution

apublicorprivatefundfortheprovision,establishmentorendowmentofascholarship,exhibitionorprize inauniversity,oraneducational institutionnotoperatedorconductedforprofit

a public fund established and maintained for the relief of distress amongmembersofthepublic

a charitable institution or a body of persons or a trust established forcharitablepurposesonlyor

an organisation not operated or conducted primarily for profit which isengagedinorconnectedwiththepromotionofcultureortheartsorwiththepromotionofsports

lifeannuitymeansanannuitypayableunderapolicyissuedtoanSRSmemberforatermendingwith,oratatimeascertainableonlybyreferenceto,theendofhislife

localforcesmeanstheSingaporeArmedForcesandanyvolunteerorreserveforcesattachedthereto

permanentestablishmentmeansa fixedplacewhereabusiness iswhollyorpartlycarriedonincluding

aplaceofmanagement

abranch

anoffice

afactory

awarehouse

aworkshop

afarmorplantation

amine,oilwell,quarryorotherplaceofextractionofnaturalresources

abuildingorworksiteoraconstruction,installationorassemblyproject,

andwithoutprejudicetothegeneralityoftheforegoing,apersonshallbedeemedtohaveapermanentestablishmentinSingaporeifthatperson

carriesonsupervisoryactivitiesinconnectionwithabuildingorworksiteoraconstruction,installationorassemblyprojector

hasanotherpersonactingonthatpersonsbehalfinSingaporewho

hasandhabituallyexercisesanauthoritytoconcludecontracts

maintains a stock of goods or merchandise for the purpose ofdeliveryonbehalfofthatpersonor

habituallysecuresorderswhollyoralmostwhollyforthatpersonorforsuchotherenterprisesasarecontrolledbythatperson

personincludesacompany,bodyofpersonsandaHindujointfamily



(a)

(b)

(a)

(b)

(c)

(d)

(e)

(a)

(b)

plantationmeansanylandusedforthegrowingandharvestingofcrops

prescribedmeansprescribedbyrulesorregulationsmadeunderthisAct

prescribedretirementagehasthesamemeaningasintheRetirementAgeAct(Cap.274A)

professional visit passmeans a professional visit pass issued by theController ofImmigrationundertheImmigrationRegulations(Cap.133,Rg1)

replantingmeansthereplacementofthecropofanyproductonanyareaoflandbytheplantingonthesamearea

ofacropofthesameproductor

ofacropofadifferentproductapprovedbytheMinister

researchanddevelopmentmeansanysystematicorintensivestudycarriedoutinthefieldofscienceortechnologywiththeobjectofusingtheresultsofthestudyforthe production or improvement of materials, devices, products, produce, orprocesses,butdoesnotinclude

qualitycontrolorroutinetestingofmaterials,devicesorproducts

researchinthesocialsciencesorthehumanities

routinedatacollection

efficiencysurveysormanagementstudiesor

marketresearchorsalespromotion

research and development organisation means a body or an organisation whichprovidesresearchanddevelopmentservicesforanytradeorbusiness

residentinSingapore

in relation toan individual,meansapersonwho, in theyearpreceding theyearofassessment,residesinSingaporeexceptforsuchtemporaryabsencestherefromasmaybe reasonable andnot inconsistentwith a claimby suchpersontoberesidentinSingapore,andincludesapersonwhoisphysicallypresent or who exercises an employment (other than as a director of acompany)inSingaporefor183daysormoreduringtheyearprecedingtheyearofassessmentand

in relation toacompanyorbodyofpersons,meansacompanyorbodyofpersons the control and management of whose business is exercised inSingapore

returnincludesanelectronicreturnundersection71A

SRSaccountmeansanaccountopenedwithanSRSoperatorbyanSRSmember

SRS contribution cap, in relation to an SRS member, means the maximumcontributionprescribedundersection10LthatmaybemadebythemembertohisSRSaccountinanyyearundertheSRS

SRSmembermeansamemberoftheSupplementaryRetirementScheme
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SRSoperatormeansanycompanyapprovedby theMinister,or suchpersonashemayappoint,forthepurposesoftheSupplementaryRetirementScheme

SupplementaryRetirementSchemeorSRSmeanstheSupplementaryRetirementSchemeestablishedbyregulationsmadeundersection10L

taxmeanstheincometaximposedbythisAct

workpermitmeansaworkpermit issuedbytheControllerofWorkPermitsundertheEmploymentofForeignWorkersAct(Cap.91A)

year of assessment means the period of 12 months commencing on 1st January1948,andeachsubsequentperiodof12months.

(2)ForthepurposesofthisAct,whereanindividualispresentinSingaporeforanypartofadayhispresenceonthatdayshallbecountedasoneday.

PARTII

ADMINISTRATION

AppointmentofComptrollerandotherofficers

3.(1) For thedueadministrationof thisAct, theMinistermay,bynotification in theGazette, appoint a Comptroller of Income Tax, and such Deputy Comptrollers,AssistantComptrollersandotherofficersandpersonsasmaybenecessary.

(2) The Minister may, by notification in the Gazette, appoint a Senior InvestigationOfficer,IncomeTax,andmaybysuchorasubsequentnotificationauthorisesuchofficertoexerciseallorsuchofthepowersoftheComptrollerunderthisActasmaybespecifiedinsuchnotificationbutwithoutprejudicetotheexercisebytheComptrollerofsuchpowers.

PowersofComptroller

4.(1)TheComptrollermay,bynotificationintheGazetteorinwriting,authoriseanyperson, within or without Singapore, to perform or to assist in the performance of anyspecificdutyimposedupontheComptrollerbythisAct.

(2)SubjecttosuchconditionsastheComptrollermayspecify,theComptrollermay,bynotification in theGazette, direct that any information, return or document required to besupplied,forwardedorgiventotheComptrollermaybesuppliedtosuchotherperson,beinga person who has made and subscribed a declaration of secrecy in accordance withsection6(1),astheComptrollermaydirect.

(3) TheComptroller shall be responsible for the assessment and collection of tax andshallpayallamountscollectedinrespectthereofintotheConsolidatedFund.

(4)TheComptrollermayspecifytheformofanyreturn,claim,statementornoticetobemadeorgivenunderthisAct.

Approvedpensionorprovidentfundorsociety

5.TheComptrollermay,subjecttosuchconditionsashemaythinkfittoimpose,approve

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(a)

(b)

(a)

(b)

any pension or provident fund or society for the purposes of thisAct and may (withoutprejudicetotheexerciseofanypowerinthatbehalfconferredonhimbyanyconditionsoimposed)atanytimewithdrawanyapprovalpreviouslygiveninrespectofanysuchfundorsociety.

Officialsecrecy

6.(1)EverypersonhavinganyofficialdutyorbeingemployedintheadministrationofthisActshallregardanddealwithalldocuments,information,returns,assessmentlistsandcopiesofsuchlistsrelatingtotheincomeoritemsoftheincomeofanyperson,assecretandconfidential,andshallmakeandsubscribeadeclarationintheformprescribedtothateffectbeforetheComptrolleroraMagistrate.

(2)Everypersonhavingpossessionorcontroloveranydocuments,information,returns,assessment lists or copies of such lists relating to the income or items of income of anyperson, who at any time otherwise than for the purpose of thisAct or with the expressauthorityofthePresident

communicatesorattemptstocommunicatesuchinformationoranythingcontainedinsuchdocuments,returns,listsorcopiestoanypersonor

suffers or permits any person to have access to any such information or toanythingcontainedinsuchdocuments,returns,listsorcopies,

shallbeguiltyofanoffence.

(3) Nopersonappointedunder,oremployed incarryingout, theprovisionsof thisActshallberequiredtoproduceinanycourtanyreturn,documentorassessment,ortodivulgeorcommunicatetoanycourtanymatterorthingcomingunderhisnoticeintheperformanceofhisdutiesunderthisActexceptasmaybenecessaryforthepurposeofcarryingintoeffectthe provisions of this Act, or in order to institute a prosecution, or in the course of aprosecution,foranyoffencecommittedinrelationtoincometax.

(4)Theobligationastosecrecyimposedbythissectionshallnotpreventthedisclosuretothe authorised officers of the government of any other country of such facts as may benecessary

toenable theproper relief from income tax tobegiven ineither country,whereprovision exists for the granting of relief in respect of taxes paid in the othercountryor

fortheavoidanceofdoubletaxationandthepreventionoffiscalevasionineithercountry, where an arrangement under section 49 is in operation between thegovernmentofthatcountryandtheGovernmentofSingapore.

(5) Notwithstandinganything in thissection, theComptrollershallpermit theMinister,theAuditorGeneraloranyofficerdulyauthorisedinthatbehalfbytheAuditorGeneraltohavesuchaccesstoanyrecordsordocumentsasmaybenecessaryfortheperformanceofhisofficialduties.

(6)TheMinister,theAuditorGeneraloranysuchofficershallbedeemedtobeapersonemployedincarryingouttheprovisionsofthisActforthepurposesofthissection.

(7) Notwithstanding anything in this section, the Comptroller may transmit anydocument, informationorreturnreceivedbyhimorinhispossessionunderthisActtothe
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(a)

(b)

(a)

(b)

Commissioner of Estate Duties and the Commissioner of Estate Duties may,notwithstanding anything contained in any written law for the time being in force inSingaporerelatingtotheproofofdocuments,produceorcausetobeproducedinanycourt,inanyproceedingsrelatingtoestateordeathduties,acopyofanyparticularscontainedinanydocumentorreturnsotransmitted,certifiedbyhimoronhisbehalftobeacorrectcopyofsuchparticulars.

(8)Forthepurposesofsubsection(7),theCommissionerofEstateDuties

mayproduceorcausetobeproducedtheoriginalofanysuchdocumentorreturninanycasewhereitisnecessarytoprovethehandwritingorthesignatureofthepersonwhowrote,made, signedor furnishedsuchdocumentor return,butonlyforthepurposeofsuchproof

shallnot inanycasebecompelled toproduce inanycourteither theoriginalofsuchdocumentorreturnoracopyofanyparticularscontainedinsuchdocumentorreturn.

(9) Notwithstanding anything in this section, the Comptroller may transmit to theComptrollerofPropertyTax,theComptrollerofGoodsandServicesTax,theChiefAssessoror theCommissioner of StampDuties any informationwhichmay be required by any ofthem in the performance of his duties, or may permit such access to any records ordocumentsasmaybenecessaryforthosepurposes.

(10)Notwithstandinganythinginthissection,theComptrollermayfurnishtotheChiefExecutive Officer of the Central Provident Fund Board any information which may berequiredbyhimintheperformanceofhisduties,ormaypermitsuchaccesstoanyrecordsordocumentsasmaybenecessaryforthatpurpose.

(11) Notwithstandinganything in this section, theComptrollermay lay a complaintofprofessionalmisconductagainstanypersoninhisprofessionaldealingswiththeComptrollerto the appropriate authority empowered to take disciplinary action against the person andmayinconnectionwiththecomplaintfurnishanyrelevantdocumentsorinformation.

Rules

7.(1)TheMinistermaymakerules

toprovideforthedeductionandpaymentoftaxatthesourceinrespectofincomefromanyemployment,andfortherecoveryoftaxsodeductedand

generallytogiveeffecttotheprovisionsofthisAct,otherthansection81.

(2)AllrulesmadeunderthissectionshallbepresentedtoParliamentassoonaspossibleafterpublicationintheGazette.

Serviceandsignatureofnotices

8.(1) Except where it is provided by thisAct that service shall be effected eitherpersonallyorbyregisteredpost,anoticemaybeservedonapersoneitherpersonallyorbybeingsentthroughthepost.

(2) Whereanotice is servedbyordinaryor registeredpost, it shallbedeemed tohave

[1/8831/93]

[4/75]
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(a)

(b)

(c)

(a)

(b)

(c)

(d)

beenservedonthedaysucceedingthedayonwhichthenoticewouldhavebeenreceivedintheordinarycourseofpostifthenoticeisaddressed

inthecaseofacompanyincorporatedinSingapore,totheregisteredofficeofthecompany

inthecaseofacompanyincorporatedoutsideSingapore,eithertotheindividualauthorisedtoacceptserviceofprocessundertheCompaniesAct(Cap.50)attheaddress filedwith theRegistrar ofCompanies, or to the registered office of thecompanywhereveritmaybesituated

in the caseof an individualor abodyofpersons, to the last knownbusinessorprivateaddressofsuchindividualorbodyofpersons.

(3)WherethepersontowhomtherehasbeenaddressedaregisteredlettercontaininganynoticewhichmaybegivenundertheprovisionsofthisActisinformedofthefactthatthereisaregisteredletterawaitinghimatapostofficeandsuchpersonrefusesorneglectstotakedeliveryofsuchregisteredletter,suchnoticeshallbedeemedtohavebeenserveduponhimonthedateonwhichhewasinformedthattherewasaregisteredletterawaitinghimatapostoffice.

(4) Every noticeto be given by theComptroller under thisAct shall be signed by theComptrollerorbysomepersonorpersonsfromtimetotimeauthorisedbyhiminthatbehalfundersection4,andeverysuchnoticeshallbevalidifthesignatureoftheComptrollerorofsuchpersonorpersonsisdulyprintedorwrittenthereon.

(5)AnynoticeunderthisActrequiringtheattendanceofanypersonorwitnessbeforetheComptrollershallbesignedbytheComptrollerorbyapersondulyauthorisedbyhim.

Freepostage

9. All returns, additional informationand resultingcorrespondenceandpaymentof taxunder the provisions of this Act may be sent postfree to the Comptroller in envelopesmarkedIncomeTax.

PARTIII

IMPOSITIONOFINCOMETAX

Chargeofincometax

10.(1)Incometaxshall,subjecttotheprovisionsofthisAct,bepayableattherateorrates specified hereinafter for each year of assessment upon the income of any personaccruing inorderivedfromSingaporeor received inSingapore fromoutsideSingapore inrespectof

gains or profits from any trade, business, profession or vocation, for whateverperiodoftimesuchtrade,business,professionorvocationmayhavebeencarriedonorexercised

gainsorprofitsfromanyemployment

[DeletedbyAct29/65)]

dividends,interestordiscounts
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(e)

(f)

(g)

(a)

(b)

(i)

(ii)

(iii)

(c)

(d)

(a)

anypension,chargeorannuity

rents,royalties,premiumsandanyotherprofitsarisingfrompropertyand

anygainsorprofitsof an incomenaturenot fallingwithinanyof theprecedingparagraphs.

(2)Insubsection(1)(b),gainsorprofitsfromanyemploymentmeans

any wages, salary, leave pay, fee, commission, bonus, gratuity, perquisite orallowance (other than a subsistence, travelling, conveyance or entertainmentallowance which is proved to the satisfaction of the Comptroller to have beenexpended for purposes other than those in respect of which no deduction isallowedundersection15)paidorgrantedinrespectoftheemploymentwhetherinmoneyorotherwise

thevalueofanyfood,clothingorlodgingprovidedorpaidforbytheemployer

theannualvalueofanyplaceofresidenceprovidedbytheemployerandfor thepurposesofthisparagraph

iftheplaceofresidenceispremiseswithintherepealedControlofRentAct(Cap.58,1985Ed.)andisprovidedtoadirectorofacompany,or,ifthe remuneration received by a director of a company is less than theannualvalueofthepremises,thefullannualvalueshallbedeemedtobegainsorprofitsoftheemployment

except as provided in subparagraph (i), if the annual value of thepremises exceeds 10% of the gains or profits from the employmentmentioned in paragraphs (a) and (b) less the rent, if any, paid by theemployeefortheuseofthepremises,theexcessshallbedisregarded

wherethepremisesareshared,placeofresidencemeansthepartofthepremisesoccupiedbythepersonchargeable

any sum standing to the account of any individual in any pension or providentfund or societywhich the individual is entitled towithdraw upon retirement orwhichiswithdrawntherefrom.

(3) Any sum realised under any insurance against loss of profits shall be taken intoaccountintheascertainmentofanyprofitsorincome.

(4) Where,undersection17,20or21,abalancingchargefalls tobemade, theamountthereofshallbedeemedtobeincomechargeablewithtaxunderthisAct,exceptinthecaseofabalancingchargeinrespectof

aSingaporeshipwhichisownedbyashippingenterprisewithinthemeaningofsection13A at the time the balancing charge falls to bemade in respect of theSingapore ship, but only up to the amount ascertained in accordance with theformula

AX C,

B

whereAistheamountofallowancesundersection19madetotheenterprisein

[26/7326/9328/96]
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(b)

(a)

(b)

(c)

respectoftheSingaporeshipagainstanyincomeexemptfromtaxundersection13A

Bisthetotalamountofallowancesundersection19or19Awhichhavebeen made in respect of the ship during the period it is owned by theenterpriseand

Cistheamountofbalancingcharge

aforeignshiptheincomederivedfromtheoperationofwhichwouldbeincomeofashippingenterprisewithinthemeaningofsection13Aorincomeofanapprovedinternational shipping enterprisewithin themeaning of section13F, as the casemaybe,butonlyuptotheamountascertainedinaccordancewiththeformula

XX Z,

Y

whereXistheamountofallowancesundersection19or19Amadetotheenterpriseinrespectoftheforeignshipagainstanyincomeexemptfromtaxundersection13Aor13F,asthecasemaybe

Yisthetotalamountofallowancesunder section19or19Awhichhavebeen made in respect of the ship during the period it is owned by theenterpriseand

Zistheamountofbalancingcharge.

(5) Subsection (4)(b) shall apply, with the necessary modifications, to a floatingproductionstorageoffloadingship,floatingstorageoffloadingship,dredger,seismicshiporsemisubmersible rig the income derived from the operation ofwhich is exempt from taxundersection13F.

(6) Any gains or profits, directly or indirectly, derived by any person from a right orbenefitgrantedonorafter1stJanuary2003,whethergrantedinhisnameorinthenameofhisnomineeoragent, toacquiresharesinanycompanyshall,wheretherightorbenefit isobtainedbythatpersonbyreasonofanyofficeoremploymentheldbyhim,bedeemedtobeincomechargeabletotaxundersubsection(1)(b),accruingatsuchtimeandofsuchamountasdeterminedunderthefollowingprovisions:

wheretherightorbenefitisexercised,assigned,releasedoracquired,atthetimeof theexercise, assignment, releaseoracquisitionof the rightorbenefit and thegainsorprofitsshallbethepriceofthesharesintheopenmarketatthattime,lessanyamountpaidfortheshares

notwithstandingparagraph(a),wheretherightorbenefitgrantedissubjecttoanyrestrictiononthesaleofthesharessoacquired,atthetimetherestrictionceasestoapplyandthegainsorprofitsshallbethepriceofthesharesintheopenmarketatthattime,lessanyamountpaidfortheshares

ifitisnotpossibletodeterminethegainsorprofitsunderparagraph(a)or(b),theComptrollermayusethenetassetvalueoftheshares,lessanyamountpaidfortheshares,asthebasisfordeterminingthegainsorprofits

[2/9232/9531/98]

[37/2002]
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(d)

(e)

(f)

(a)

(i)

(ii)

(b)

(A)

(B)

(a)

(b)

(c)

notwithstandingparagraphs(a)and(c),anygainsorprofitsderivedbyhimbyanyexercise of a right or benefit to acquire shares in any company listed on theSingaporeExchangeshallbethelastdonepriceonthelistingdateofthesharessoacquiredlesstheamountpaidfortheshares

the last done price on the listing date, in relation to any shares referred to inparagraph (d), means the price of the shares in the open market at the lasttransaction on the date on which the shares are first listed on the SingaporeExchangeaftertheacquisitionofthesharesbyhimand

sharesincludesstocks.

(6A) For the avoidance of doubt, section 10(5) in force immediately before 10thDecember2002shallcontinuetoapplytoanygainsorprofitsdirectlyorindirectlyderivedby the exercise, assignment or release of any right or benefit to acquire shares (includingstocks)inacompanygrantedtoapersonbefore1stJanuary2003,whetherinhisnameorinthenameofhisnomineeoragent,wheretherightorbenefitwasobtainedbythatpersonbyreasonofanyofficeoremploymentheldbyhim.

(7)Notwithstandingsubsection(6),where

the right or benefit to acquire shares in a company is granted on or after 1stJanuary2003toanindividualwhileheisexercisinganemploymentinSingaporeand

immediatelybeforeheceasesthatemployment

theindividualisneitheracitizenofSingaporenoraSingaporepermanentresident, or being a Singapore permanent resident is leaving Singaporepermanentlyand

therightorbenefitisnotexercised,assigned,releasedoracquiredbyhim,ortherestrictiononthesaleoftheshareshasnotceasedtoapply,

anygainsorprofitsfromtherightorbenefitshallbe

deemed to be income derived by the individual one month before the date ofcessationofemploymentor thedate therightorbenefit isgranted,whichever isthelaterand

computedbasedonthepriceofthesharesintheopenmarketonthatdate,lesstheamountpaidfortheshares.

(7A) The Comptroller may, if he thinks fit and subject to such condition as he mayimpose, accept from the employer of an individual to whom subsection (7) applies anundertaking

to make a return, in such form and by such time as the Comptroller maydetermine, of any gains or profits derived by the individual from the right orbenefittoacquiresharesinacompanyascomputedundersubsection(6)

topaytotheComptrolleranytaxassessedonsuchgainsorprofitsand

to pay the penalties specified in the undertaking for any failure to complywith

[37/2002]

[7/2007wef10/12/2002]

[37/2002]
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(a)

(b)

(a)

(b)

(i)

(ii)

(c)

paragraph(a)or(b).

(7B)WheretheComptrolleracceptsanundertakingfromtheemployerofanindividualunder subsection (7A), subsection (7) shall not apply to the individual and he shall beassessedinaccordancewithsubsection(6).

(7C) If anycondition imposedby theComptrollerunder subsection (7A) has not beencompliedwithbytheemployerofanindividual,thennotwithstandingtheundertakinggivenby theemployer, thegainsorprofitsderivedby the individual fromthe rightorbenefit toacquiresharesinacompanyshallbeassessedinaccordancewithsubsection(7)andshallbedeemed to be income accruing to the individual in the year inwhich the condition is notcompliedwith.

(8) Subsection (6)(c) shall apply,with the necessarymodifications, to gains or profitsderivedbyanindividualreferredtoinsubsection(7).

(9) For thepurposes of subsection (1)(e), the income derived from an annuity for anyyearshallbedeemedtobeanamountequalto3%ofthetotalconsiderationpayableorpaidforthepurchaseoftheannuityexceptthatthewholeamountoftheannuityshallbedeemedtobeincomeif

thepersonderivingincomefromtheannuityhaspreviouslyreceivedsumsequalto the totalconsideration for theannuityexclusiveof theamountsdeemed tobeincomeunderthissubsectionor

the annuity is purchased by the employer of the person deriving on or after 1stJanuary1993suchincomeinlieuofanypensionorotherbenefitpayableduringhisemploymentoruponhisretirement.

(10)Subsection(9)shallnotapplytoanyannuitypurchasedundertheSRS.

(11)Forthepurposesofsubsection(1)(f)

anyotherprofitsarisingfrompropertyshallbedeemedtoincludethenetannualvalueofpropertyusedbyoronbehalfof theownerforresidentialpurposesandnotforthepurposesofgainorprofit

net annual value, in relation to any property,means the annual value of suchproperty less the expenses of repair, insurance, interest,maintenance or upkeepandallpublicratesandtaxespaidthereon

in respectofanyonepropertywhich isoccupied for residentialpurposesby theownerthereof

thenetannualvalueofsuchpropertyor

anamountequaltosuchsumastheMinistermay,byorderpublishedintheGazette,specify,1

1FortheYearofAssessment1997andsubsequentYearsofAssessmentthesumspecifiedis$150,000seeG.N.No.S240/96

[49/2004wef01/01/2003]

[49/2004wef01/01/2003]

[49/2004wef01/01/2003]

[37/2002]

[4/7526/93]

[24/2001]
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(a)

(i)

(ii)

(b)

(c)

(a)

(b)

(a)

(b)

whicheveristheless,shallnotbedeemedtobeprofitsarisingfrompropertyandforthepurposesofthisparagraphanypropertyownedbyamarriedwomanlivingwithherhusbandshallbedeemedtobeownedbythehusband.

(12) Whereapersonderives interest fromanegotiablecertificateofdepositorderivesgainsorprofitsfromthesalethereof,hisincomeshallbetreatedasfollows:

in thecaseofa financial institution the interest and thegainsorprofits shallbedeemedtobeincomefromatradeorbusinessundersubsection(1)(a)

inanyothercasetheinterestandthegainsorprofitsshallbedeemedtobeincomefrominterestundersubsection(1)(d)subjecttothefollowingprovisions:

iftheinterestisreceivedbyasubsequentholderofacertificateofdeposittheincomederivedfromsuchinterestshallexcludetheamountbywhichthepurchasepriceexceedstheissuedpriceofthecertificate,exceptwherethatamounthasbeenexcludedinthecomputationofanypreviousinterestderivedbyhiminrespectofthatcertificateand

where a subsequent holder sells a certificate after receiving interesttherefromthegainsorprofitsshallbedeemedtobetheamountbywhichthesalepriceexceedstheissuedpriceorthepurchaseprice,whicheveristhelowerand

for the purposes of paragraph (b), where a subsequent holder purchases acertificate at apricewhich is less than the issuedprice andholds the certificateuntilitsmaturity,theamountbywhichtheissuedpriceexceedsthepurchasepriceshallbedeemedtobeinterestderivedbyhim.

(13)Anymaintenancepaymentreceivedby

achildunderamaintenanceorderoradeedofseparationor

aparentunderamaintenanceordermadeunder theMaintenanceofParentsAct(Cap.167B),

shallnotbedeemedtobeincomeforthepurposesofsubsection(1).

(14) For the purposes of subsection (1)(a) and (f), the income derived by any author,composer or choreographer, or any company inwhich he beneficially owns all the issuedshare capital, fromany royalties or other payments received fromaperson carryingon inSingapore the business of publishing, of recording music or of producing cinematographfilms,choreographicworksorplaysasconsiderationfortheassignmentoforfortherighttousethecopyrightinanyliterary,dramatic,musicalorartisticwork,shallbedeemedtobe

the amount of the royalties or other payments remaining after the deductionsallowableunderPartsVandVIhavebeenmadeor

anamountequalto10%ofthegrossamountoftheroyaltiesorotherpayments,

whicheveristheless.

(15)Subsection(14)shallnotapplytoroyaltiesorpaymentsreceivedinrespectofany

[7/709/80]

[4/75]

[28/96]

[24/2000]
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(a)

(b)

(a)

(b)

(a)

(b)

workpublishedinanynewspaperorperiodical.

(16) For thepurposesofsubsection(1)(a)and(f), the incomederivedbyan individualwho is an inventor, authororproprietorof anapproved inventionor approved innovation,fromanyroyaltiesorotherpaymentsreceivedasconsiderationfortheassignmentoforfortherightsintheapprovedinventionorapprovedinnovationshallbedeemedtobe

the amount of the royalties or other payments remaining after the deductionsallowableunderPartsVandVIhavebeenmadeor

anamountequalto10%ofthegrossamountoftheroyaltiesorotherpayments,

whicheveristheless.

(17) Notwithstanding subsection (16), where it appears to the Comptroller that anyamount of income which has been determined under that subsection for the purposes ofsubsection(1)(a)or(f)oughtnottohavebeensodeterminedforanyyearofassessment,theComptroller may, within 6 years after the end of that year of assessment, make suchassessment or additional assessment upon the individual asmay be necessary in order tomakegoodanylossoftax.

(18)Insubsection(16)

approvedmeansapprovedforsuchperiodnotexceeding5yearsbytheMinisterorsuchpersonashemayappoint

innovationmeans

anynewproductornewservice,oranynewmethodusedinthemanufactureorprocessingofgoodsormaterialsorintheprovisionofservicesor

any substantial improvement in any product or in the provision of anyservice,orinanymethodusedinthemanufactureorprocessingofgoodsormaterialsorintheprovisionofservices,

whichinvolvesnoveltyororiginality

rightsintheapprovedinventionorapprovedinnovationmeanstherightsrelatingtoanypatent, copyright, industrialdesign, trademarkorknowhowofanapprovedinvention or approved innovation where a substantial part of the work indevelopingtheinventionorinnovationisundertakeninSingapore.

(19) Anydistributionmadebyaunit trust approvedunder section10Boutofgainsorprofitsderivedonorafter1stJuly1989fromthedisposalofsecuritiesandwhichhavenotbeensubjecttotaxshallbedeemedtobeincomeifreceivedbyaunitholderexceptwheretheunitholderis

anindividualresidentinSingaporeor

apersonwhoisnotresidentinSingaporeandhasnopermanentestablishmentinSingapore.

(20)Anydistributionmadebyadesignatedunittrusttoanyunitholderorbyanapproved

[1/88]

[24/2000]

[11/94]

[24/2000]

[23/90]
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(a)

(b)

(c)

(a)

(i)

(ii)

(b)

(i)

(ii)

(c)

CPFunittrusttoanyunitholderoutof

gains or profits derived from Singapore or elsewhere from the disposal ofsecurities

interest(otherthaninterestforwhichtaxhasbeendeductedundersection45)and

dividendsderivedfromoutsideSingaporeandreceivedinSingapore,

whichdonotformpartofthestatutoryincomeofthedesignatedunittrustorapprovedCPFunit trust by virtue of section 35(12) shall, subject to subsection (21), be deemed to beincomeoftheunitholderifheisnotaforeigninvestor.

(21)Whereanydistributionmadeoutofgainsorprofitsreferredtoinsubsection(20)(a)ismadetoaunitholderwhoisanindividualresidentinSingapore,thedistribution,ifmadeonorafter28thFebruary1998,shallnotbedeemedtobeincomeofthatunitholder.

(22) Where a designated unit trust had also been approved under section 10B, anydistributionmadebythedesignatedunittrustoutofanyincome(includinggainsorprofitsfromthedisposalofsecurities)derivedbyitduringtheperiodthedesignatedunittrustwasapprovedundersection10Bshallbetreatedas incomeofaunitholder inaccordancewithsubsection(19)andsection35(11)and(15).

(23)Insubsections(20),(21)and(22)

approvedCPFunittrusthasthesamemeaningasinsection35(14)

designatedunittrustmeansanyunittrustdesignatedundersection35(14)

foreigninvestor

in relation to an individual, means an individual who is not resident inSingapore

in relation to a company, means a company which is not resident inSingaporeand

in the case of a companywith notmore than 50 shareholders, thewhole of its issued capital is beneficially owned, directly orindirectly, by persons who are not citizens of Singapore and notresidentinSingaporeand

in thecaseof a companywithmore than50 shareholders,not lessthan 80% of its issued capital is beneficially owned, directly orindirectly, by persons who are not citizens of Singapore and notresidentinSingaporeand

inrelationtoatrustfund,meansatrustfundwhereatleast80%ofthevalueof the fund is beneficially held, directly or indirectly, by foreign investorsreferredtoinparagraph(a)or(b)and,unlesswaivedbytheMinisterorsuchpersonashemayappoint,where

thefundiscreatedoutsideSingaporeand

thetrusteesofthefundareneithercitizensofSingaporenorresident

[32/9531/9824/2000]

[32/9531/98]

[32/95]
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(a)

(b)

(c)

(a)

(b)

(c)

(d)

inSingapore.

(24) For the purposes of subsection (2)(d), the sum standing to the account of anyindividualinanypensionorprovidentfundorsociety,otherthanapensionorprovidentfundtowhichsection10Capplies,shallbedeemedtoaccruetotheindividualonthedateheisentitled to the sum upon retirement or on the date he withdraws any sum before hisretirement,asthecasemaybe,exceptthatwhereuponhisretirementanindividualisentitledtoelectundertherulesorconstitutionofthepensionorprovidentfundorsocietyastothemanner and amount of the sum to bewithdrawn, only the amount sowithdrawn shall bedeemedtobeincomeoftheindividualaccruingonthedateofwithdrawal.

(25) It isherebydeclared for theavoidanceofdoubt that theamountsdescribed in thefollowingparagraphsshallbeincomereceivedinSingaporefromoutsideSingaporewhetherornotthesourcefromwhichtheincomeisderivedhasceased:

anyamountfromanyincomederivedfromoutsideSingaporewhichisremittedto,transmittedorbroughtinto,Singapore

anyamountfromanyincomederivedfromoutsideSingaporewhichisappliedinor towards satisfaction of any debt incurred in respect of a trade or businesscarriedoninSingaporeand

anyamountfromanyincomederivedfromoutsideSingaporewhichisappliedtopurchaseanymovablepropertywhichisbroughtintoSingapore.

(26)Anypaymentaccruedtoaselfemployedwomanundersection9(2)oftheChildrenDevelopment CoSavingsAct (Cap. 38A) shall be deemed to be income from her trade,business,professionorvocationchargeabletotaxundersubsection(1)(a).

Profitsofinvestmentcompany

10A.(1) Notwithstanding any other provisions of this Act, the Minister may byregulations

providethat taxongainsorprofitsderivedfromthedisposalofsecurities(otherthan transferred securities to which section 10N applies) by an approvedinvestment company shall be levied and paid for each year of assessment uponsuchamountasmaybedeterminedbyreferencetotheperiodduringwhichthosesecuritieshavebeenheld

provideforthedeductionofsuchamountofallowancesundersection19,19A,20,21or23tobegrantedinsuchmannerasmaybeprescribed

provide for the deduction of such amount of losses arising from the disposal ofsecurities(other thantransferredsecurities towhichsection10Napplies)asmaybedeterminedbyreferencetotheperiodduringwhichthosesecuritieshavebeenheld

provide for the deductionof such amounts of expenses anddonations allowableunderthisActinsuchmannerasmaybeprescribed.

[32/9531/98]

[26/93]

[32/95]

[24/2001]

[3/8937/2002]
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(a)

(b)

(c)

(a)

(b)

(c)

(d)

(2)Inthissection

approvedmeansapprovedbytheMinisterorsuchpersonashemayappoint

investmentcompanymeansanycompanywhosebusinessconsistswhollyormainlyin themaking of investments and the principal part ofwhose income is derivedtherefrom

securitiesmeans

debentures, stocks, shares, bonds or notes issued by a government orcompany

anyrightoroptioninrespectofanysuchdebentures,stocks,shares,bondsornotesor

unitsinanyunittrustwithinthemeaningofsection10B.

Profitsofunittrusts

10B.(1) Notwithstanding any other provisions of this Act, the Minister may byregulations

provide that tax on gains or profits derived on or after 1st July 1989 from thedisposalofsecuritiesbyanapprovedunit trustshallbe leviedandpaidforeachyearofassessmentbythetrusteesuponsuchpercentageofthegainsorprofitsandinsuchmannerasmaybeprescribed

provide for the deduction of such percentage of the losses arising from thedisposalofsecuritiesinsuchmannerasmaybeprescribed

provide for thedeductionof expenses allowableunder thisAct tobegranted insuchmannerasmaybeprescribed

provideforthedeductionoftaxbythetrusteesoftheunittrustonanydistributionreceivedbyaunitholderwhichisdeemedtobeincomeundersection10(19).

(2)Inthissection

approvedmeansapprovedbytheMinisterorsuchpersonashemayappoint

securitieshasthesamemeaningasinsection10A

unitmeansarightorinterest(whetherdescribedasaunit,asubunitorotherwise)whichmaybeacquiredunderaunittrust

unit trust means any trust established for the purpose, or having the effect, ofprovidingfacilitiesfortheparticipationbypersonsasbeneficiariesunderatrust,inprofitsorincomearisingfromtheacquisition,holding,managementordisposalofsecuritiesoranyotherproperty.

Excessprovidentfundcontributions,etc.,deemedtobeincome

10C.(1)Notwithstandingsection13(1)(j),whereinanyyear,contributionshavebeenmadeby an employer in respect of an employeeunder section 7 of theCentral Provident

[23/9032/95]

[23/90]

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(a)

(b)

(a)

(b)

FundAct(Cap.36)

anypartoftheemployerscontributions,inrespectofordinaryoradditionalwagespaidtotheemployeeinthatyear,whichisnotobligatoryunderthatActor

theemployerscontributionsinrespectofthatpartoftheadditionalwageswhichexceeds$27,500paidtotheemployeeinthatyear,

shallbedeemedtobeincomeaccruingtotheemployeefortheyearinwhichthewagesarepaid.

(2) Notwithstanding subsection (1)(a), where in any year, contributions obligatory byreason of a contract of employment are made by any relevant employer to the CentralProvidentFundinrespectofoverseasordinarywagesoroverseasadditionalwagespaidtoanemployeeinthatyear,thatpartofsuchcontributionsuptotherelevantamountshallnotbedeemedtobeincomeaccruingtotheemployee.

(3)Subsection(2)shallnotapplytocontributionsmadebyanemployerinanyyearfrom1st January 1999 to the Central Provident Fund in respect of an employee who holds aprofessionalvisitpass,anemploymentpassoraworkpermitinthatyear.

(4)Notwithstandingsubsection(1)(a),whereonorafter1stJanuary2003,contributionsaremadebyanyemployerforanyyeartothemedisaveaccountofanemployeemaintainedunder the Central Provident Fund Act (Cap. 36) in lieu of hospitalisation or outpatientmedical benefits which the employer is obliged to provide by reason of a contract ofemployment,suchcontributionsup to$1,500for thatyearshall, subject tosubsections (5)and(6),notbedeemedtobeincomeaccruingtotheemployee.

(5)Wherecontributionsreferredtoinsubsection(4)aremadeinrespectofanemployeeby2ormore employers for anyyear, the amount of such contributions not deemed to beincomeaccruingtotheemployeeshallnotexceed$1,500forthatyear.

(6)Subsection(4)shallnotapplytocontributionsmadebyanemployerinanyyearfrom1st January 1999 to the Central Provident Fund in respect of an employee who holds aprofessionalvisitpass,anemploymentpassoraworkpermitinthatyear.

(7) Notwithstanding subsection (1)(b),where in any year all the ordinarywages of anemployee paid in that year do not exceed $66,000, and his total wages paid in the sameyear

donotexceed$93,500,theexcesscontributionsundersubsection(1)(b)shallnotbedeemedtobeincomeaccruingtotheemployee

exceed$93,500,onlythatpartofsuchexcesscontributionsmadeinrespectofthedifference between the total wages and $93,500 shall be deemed to be incomeaccruingtotheemployee.

(8) Where inanyyearcontributionsundersection7of theCentralProvidentFundAct(Cap.36)havebeenmadeinrespectofanemployeeemployedby2ormoreemployersandthe employers are related to each other, subsection (7) shall apply, with the necessary

[23/90]

[11/94]

[1/98]

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[21/2003]

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(a)

(b)

modifications,asifalltheordinaryandadditionalwagesfromthoserelatedemployersandthecontributionsonthosewageswerepaidbyoneemployer.

(9) For thepurposes of subsection (8), one employer shall be deemed to be related toanotherwhereoneofthem,directlyorindirectly,hastheabilitytocontroltheotherorwherebothofthem,directlyorindirectly,areunderthecontrolofacommonperson.

(10)Subsections(1)to(9)shallapply,withthenecessarymodifications,tocontributionsmade by an employer to a designated pension or provident fund as if those contributionswereemployerscontributionstotheCentralProvidentFund.

(11) Where inanyyearcontributionshavebeenmadebyanemployer in respectofanemployeetoanypensionorprovidentfundconstitutedoutsideSingapore,thewholeofthecontributionsmadetothatpensionorprovidentfundshallbedeemedtobeincomeaccruingtotheemployeefortheyearinwhichthecontributionsarepaid.

(12)Inthissection

additionalwageshasthesamemeaningasintheCentralProvidentFundAct

designatedpensionorprovidentfundmeansanapprovedpensionorprovidentfunddesignatedbytheMinisterundersection39(8)

employers contributions means the contributions made by any employer undersection 7(1) of the Central Provident Fund Act (Cap. 36) less the amount ofcontributions recoverableby theemployer from thewagesofanemployeeundersection7(2)ofthatAct

ordinary wages has the samemeaning as ordinary wages for the month in theCentralProvidentFundAct

overseas additional wages means additional wages paid in respect of theperformanceofanydutyforanyperiodoutsideSingapore

overseasordinarywagesmeansordinarywagespaid in respectof theperformanceofanydutyforanyperiodoutsideSingapore

overseastotalwages,inrelationtoanyyear,meansthetotaloftheoverseasordinarywagesandoverseasadditionalwagesinthatyearreceivedbyanemployee

relevantamountmeanstheamountofcontributionswhichwouldhavebeen

singapore income tax act - chapter 134

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