Singapore legislation

Clause 31

Amendment of section 63

In section 63 of the principal Act —

(a)

in subsection (1), delete “Unless” and substitute “Subject to subsection (1AAA), and unless”;

(b)

in subsections (1) and (1A), after “that year of assessment,”, insert “or such extended time as the Comptroller may allow,”;

(c)

after subsection (1), insert —“(1AAA) Unless exempted by rules mentioned in subsection (3), every insurer (other than a captive insurer or a marine mutual insurer) who has not made a return under section 62 for the year of assessment for an accounting period beginning on or after 1 January 2023 must, within 3 months after the end of the calendar year preceding the year of assessment or such extended time as the Comptroller may allow, furnish to the Comptroller an estimate of the insurer’s chargeable income.”;

(d)

in subsection (1AA), after “subsection (1)”, insert “or (1AAA)”;

(e)

in subsection (2), after “subsection (1),”, insert “(1AAA),”;

(f)

in subsection (3)(a), after “subsection (1)”, insert “or (1AAA)”;

(g)

in subsection (3)(b), after “subsection (1)”, insert “, (1AAA)”; and

(h)

after subsection (3), insert —“(4) In this section —“captive insurer” and “marine mutual insurer” have the meanings given by section 2 of the Insurance Act 1966;“insurer” means any company licensed under the Insurance Act 1966 to carry on insurance business in Singapore.”.

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