Singapore legislation
Clause 8
Clause 8
Amendment of section 42
Section 42 of the principal Act is amended —
(a)
by deleting “40%” wherever it appears in subsection (2) and substituting in each case “33%”; and
(b)
by deleting subsection (3) and substituting the following subsection:“(3) The tax payable by any individual or Hindu joint family resident in Singapore shall be reduced —
(a)
for the year of assessment 1986 by 10% of the tax payable on the first $10,000 of the chargeable income; and
(b)
for the year of assessment 1987 and subsequent years of assessment by 15% of the tax payable on the first $10,000 of the chargeable income.”.