Singapore legislation

Clause 9

Amendment of section 42

Section 42 of the principal Act is amended —

(a)

by inserting, immediately after the words “subsection (2)” in subsection (1), the words “or subsection (4)”; and

(b)

by inserting, immediately after subsection (3), the following subsection:“(4) Where dividends are received by any institution, authority, person or fund specified in the First Schedule and such dividends are not exempt under section 13(1)(e), the gross amount of the dividends shall be taxed at the same rate as is applicable to a company.”.

Read in full context — Income Tax (Amendment) Bill →