Singapore legislation
Clause 26
Clause 26
Amendment of section 57
Section 57 of the principal Act is amended by inserting, immediately after subsection (5), the following subsection:“(5A) For the purposes of payment of any tax due from any immoneys referred to in subsection (1) in a joint account at any bank or from the proceeds of sale of any movable property owned by two or more persons as joint owners, the following provisions shall apply:
the person declared by the Comptroller under subsection (1) to be the agent of any person who is an owner of such moneys shall —
within 14 days of the receipt of the notice under subsection (1), send a notice by registered post addressed to every owner of such moneys at the address last known to the agent informing the owner of such declaration; and
retain such amount of the moneys as is presumed under paragraph (b) to be owned by the person from whom tax is due and subject to paragraph (e) within 42 days of the receipt of the notice under subsection (1) pay over the tax due from such amount to the Comptroller;
it shall be presumed, until the contrary is proved, that the holders of a joint account at any bank shall have equal share of the moneys in the account as at the date of receipt of the notice under subsection (1) and that the joint owners of any immovable property shall share the proceeds of sale of the property equally;
any owner of such moneys who objects to the share presumed under paragraph (b) shall give notice of his objection in writing to the person declared to be the agent under subsection (1) within 28 days of the receipt of the notice of the agent under paragraph (a)(i), or within such further period as the Comptroller in his discretion may allow, and furnish proof as to his share of the moneys;
where an objection under paragraph (c) has been received, the person declared to be the agent shall —
retain the amount of such moneys referred to in paragraph (a)(ii) until such time as the Comptroller by notice under paragraph (e) informs him of his decision on the objection; and
inform the Comptroller of the objection within 7 days of the receipt of the objection;
the Comptroller shall consider the objection and shall by notice in writing inform the person declared to be the agent of his decision and the agent shall, notwithstanding any appeal under paragraph (f), pay over any tax due from the share of moneys decided by the Comptroller as the amount, not exceeding the amount presumed under paragraph (b) to be the share of the person by whom the tax is payable, held by him for or due by him to the person;
any owner of such moneys aggrieved by the decision of the Comptroller under paragraph (e) may appeal against the decision to the Board of Review and the provisions of Part XII shall apply, mutatis mutandis, to the appeal; and
for the purpose of this subsection, “joint account” means any account in the names of two or more persons but excludes any partnership account, trust account and any account where a minor is one of the joint account holders.”.