Singapore legislation

Clause 44

Amendment of section 45

Section 45 of the principal Act is amended —

(a)

by deleting paragraphs (a) and (b) of subsection (4) and substituting the following paragraphs: “(a)by the 15th day of the month following the month in which the interest from which the tax is to be deducted is paid, a sum equal to 5% of such amount of tax shall be payable; and

(b)

within 30 days after the time specified in paragraph (a), an additional penalty of 1% of such amount of tax shall be payable for each completed month that the tax remains unpaid, but the total additional penalty under this paragraph shall not exceed 15% of the amount of tax outstanding.”;

(b)

by deleting the words “within 10 days after such deduction” in subsection (5) and substituting the words “by the time specified in subsection (4)(a)”; and

(c)

by deleting the words “27th February 2003” in subsection (9) and substituting the words “31st December 2008”.

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