Finance (Income Taxes) Bill · cl 56

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—(1) Section 80(1)(b) of the Income Tax Act 1947 as amended by section 29 of the Finance (Income Taxes) Act 2026 only applies in relation to an appeal that is fixed for hearing under section 80(1)(a) of the Income Tax Act 1947 on or after the date of commencement of section 29 of the Finance (Income Taxes) Act 2026, and section 80(1)(b) of the Income Tax Act 1947 as in force immediately before that date continues to apply in relation to an appeal that is fixed for hearing before that date.(2) Despite section 30 of the Finance (Income Taxes) Act 2026, section 81 of the Income Tax Act 1947 as in force immediately before the date of commencement of section 30 of the Finance (Income Taxes) Act 2026 (and the period under the Rules of Court 2021 (G.N. No. S 914/2021) for filing an appeal to the General Division of the High Court and serving appeal documents on all parties) continues to apply in relation to any decision made before that date by the Board of Review constituted under section 78 of the Income Tax Act 1947.(3) Section 80(1)(b) of the Income Tax Act 1947 as amended by section 29 of the Finance (Income Taxes) Act 2026, and as applied by section 54(5) of the Multinational Enterprise (Minimum Tax) Act 2024 (called in this section the MMTA), only applies in relation to an appeal that is fixed for hearing under section 80(1)(a) of the Income Tax Act 1947 as applied by section 54(5) of the MMTA on or after the date of commencement of section 29 of the Finance (Income Taxes) Act 2026, and section 80(1)(b) of the Income Tax Act 1947 as in force immediately before that date and as applied by section 54(5) of the MMTA continues to apply in relation to an appeal that is fixed for hearing before that date.(4) Despite section 45 of the Finance (Income Taxes) Act 2026, section 55 of the MMTA as in force immediately before the date of commencement of section 45 of the Finance (Income Taxes) Act 2026 (and the period under the Rules of Court 2021 for filing an appeal to the General Division of the High Court and serving the appeal documents on all parties) continues to apply in relation to any decision made before that date by the Board of Review referred to in section 54(1) of the MMTA.(5) Section 52(1)(b) of the Goods and Services Tax Act 1993 as amended by section 51 of the Finance (Income Taxes) Act 2026 only applies in relation to an appeal that is fixed for hearing under section 52(1)(a) of the Goods and Services Tax Act 1993 on or after the date of commencement of section 51 of the Finance (Income Taxes) Act 2026, and section 52(1)(b) of the Goods and Services Tax Act 1993 as in force immediately before that date continues to apply in relation to an appeal that is fixed for hearing before that date.(6) Despite section 52 of the Finance (Income Taxes) Act 2026, section 54 of the Goods and Services Tax Act 1993 as in force immediately before the date of commencement of section 52 of the Finance (Income Taxes) Act 2026 (and the period under the Rules of Court 2021 for filing an appeal to the General Division of the High Court and serving appeal documents on all parties) continues to apply in relation to any decision made before that date by the Goods and Services Tax Board of Review constituted under section 50 of the Goods and Services Tax Act 1993.(7) Section 32(1)(b) of the Property Tax Act 1960 as amended by section 53 of the Finance (Income Taxes) Act 2026 only applies in relation to an appeal that is fixed for hearing under section 32(1)(a) of the Property Tax Act 1960 on or after the date of commencement of section 53 of the Finance (Income Taxes) Act 2026, and section 32(1)(b) of the Property Tax Act 1960 as in force immediately before that date continues to apply in relation to an appeal that is fixed for hearing before that date.(8) Despite section 54 of the Finance (Income Taxes) Act 2026, section 35 of the Property Tax Act 1960 as in force immediately before the date of commencement of section 54 of the Finance (Income Taxes) Act 2026 continues to apply in relation to any decision made before that date by the Valuation Review Board constituted under section 23 of the Property Tax Act 1960.(9) For a period of 2 years after the date of publication in the Gazette of the Finance (Income Taxes) Act 2026, the Minister may, by regulations, prescribe such provisions of a saving or transitional nature consequent on the enactment of any provision of that Act as the Minister may consider necessary or expedient, and such regulations may be made to operate retrospectively to a date no earlier than the commencement of the provision.
Section 80(1)(b) of the Income Tax Act 1947 as amended by section 29 of the Finance (Income Taxes) Act 2026 only applies in relation to an appeal that is fixed for hearing under section 80(1)(a) of the Income Tax Act 1947 on or after the date of commencement of section 29 of the Finance (Income Taxes) Act 2026, and section 80(1)(b) of the Income Tax Act 1947 as in force immediately before that date continues to apply in relation to an appeal that is fixed for hearing before that date.
Despite section 30 of the Finance (Income Taxes) Act 2026, section 81 of the Income Tax Act 1947 as in force immediately before the date of commencement of section 30 of the Finance (Income Taxes) Act 2026 (and the period under the Rules of Court 2021 (G.N. No. S 914/2021) for filing an appeal to the General Division of the High Court and serving appeal documents on all parties) continues to apply in relation to any decision made before that date by the Board of Review constituted under section 78 of the Income Tax Act 1947.
Section 80(1)(b) of the Income Tax Act 1947 as amended by section 29 of the Finance (Income Taxes) Act 2026, and as applied by section 54(5) of the Multinational Enterprise (Minimum Tax) Act 2024 (called in this section the MMTA), only applies in relation to an appeal that is fixed for hearing under section 80(1)(a) of the Income Tax Act 1947 as applied by section 54(5) of the MMTA on or after the date of commencement of section 29 of the Finance (Income Taxes) Act 2026, and section 80(1)(b) of the Income Tax Act 1947 as in force immediately before that date and as applied by section 54(5) of the MMTA continues to apply in relation to an appeal that is fixed for hearing before that date.
Despite section 45 of the Finance (Income Taxes) Act 2026, section 55 of the MMTA as in force immediately before the date of commencement of section 45 of the Finance (Income Taxes) Act 2026 (and the period under the Rules of Court 2021 for filing an appeal to the General Division of the High Court and serving the appeal documents on all parties) continues to apply in relation to any decision made before that date by the Board of Review referred to in section 54(1) of the MMTA.
Section 52(1)(b) of the Goods and Services Tax Act 1993 as amended by section 51 of the Finance (Income Taxes) Act 2026 only applies in relation to an appeal that is fixed for hearing under section 52(1)(a) of the Goods and Services Tax Act 1993 on or after the date of commencement of section 51 of the Finance (Income Taxes) Act 2026, and section 52(1)(b) of the Goods and Services Tax Act 1993 as in force immediately before that date continues to apply in relation to an appeal that is fixed for hearing before that date.
Despite section 52 of the Finance (Income Taxes) Act 2026, section 54 of the Goods and Services Tax Act 1993 as in force immediately before the date of commencement of section 52 of the Finance (Income Taxes) Act 2026 (and the period under the Rules of Court 2021 for filing an appeal to the General Division of the High Court and serving appeal documents on all parties) continues to apply in relation to any decision made before that date by the Goods and Services Tax Board of Review constituted under section 50 of the Goods and Services Tax Act 1993.
Section 32(1)(b) of the Property Tax Act 1960 as amended by section 53 of the Finance (Income Taxes) Act 2026 only applies in relation to an appeal that is fixed for hearing under section 32(1)(a) of the Property Tax Act 1960 on or after the date of commencement of section 53 of the Finance (Income Taxes) Act 2026, and section 32(1)(b) of the Property Tax Act 1960 as in force immediately before that date continues to apply in relation to an appeal that is fixed for hearing before that date.
Despite section 54 of the Finance (Income Taxes) Act 2026, section 35 of the Property Tax Act 1960 as in force immediately before the date of commencement of section 54 of the Finance (Income Taxes) Act 2026 continues to apply in relation to any decision made before that date by the Valuation Review Board constituted under section 23 of the Property Tax Act 1960.
For a period of 2 years after the date of publication in the Gazette of the Finance (Income Taxes) Act 2026, the Minister may, by regulations, prescribe such provisions of a saving or transitional nature consequent on the enactment of any provision of that Act as the Minister may consider necessary or expedient, and such regulations may be made to operate retrospectively to a date no earlier than the commencement of the provision.

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cl 56Saving and transitional provisions

(1)

Section 80(1)(b) of the Income Tax Act 1947 as amended by section 29 of the Finance (Income Taxes) Act 2026 only applies in relation to an appeal that is fixed for hearing under section 80(1)(a) of the Income Tax Act 1947 on or after the date of commencement of section 29 of the Finance (Income Taxes) Act 2026, and section 80(1)(b) of the Income Tax Act 1947 as in force immediately before that date continues to apply in relation to an appeal that is fixed for hearing before that date.

(2)

Despite section 30 of the Finance (Income Taxes) Act 2026, section 81 of the Income Tax Act 1947 as in force immediately before the date of commencement of section 30 of the Finance (Income Taxes) Act 2026 (and the period under the Rules of Court 2021 (G.N. No. S 914/2021) for filing an appeal to the General Division of the High Court and serving appeal documents on all parties) continues to apply in relation to any decision made before that date by the Board of Review constituted under section 78 of the Income Tax Act 1947.

(3)

Section 80(1)(b) of the Income Tax Act 1947 as amended by section 29 of the Finance (Income Taxes) Act 2026, and as applied by section 54(5) of the Multinational Enterprise (Minimum Tax) Act 2024 (called in this section the MMTA), only applies in relation to an appeal that is fixed for hearing under section 80(1)(a) of the Income Tax Act 1947 as applied by section 54(5) of the MMTA on or after the date of commencement of section 29 of the Finance (Income Taxes) Act 2026, and section 80(1)(b) of the Income Tax Act 1947 as in force immediately before that date and as applied by section 54(5) of the MMTA continues to apply in relation to an appeal that is fixed for hearing before that date.

(4)

Despite section 45 of the Finance (Income Taxes) Act 2026, section 55 of the MMTA as in force immediately before the date of commencement of section 45 of the Finance (Income Taxes) Act 2026 (and the period under the Rules of Court 2021 for filing an appeal to the General Division of the High Court and serving the appeal documents on all parties) continues to apply in relation to any decision made before that date by the Board of Review referred to in section 54(1) of the MMTA.

(5)

Section 52(1)(b) of the Goods and Services Tax Act 1993 as amended by section 51 of the Finance (Income Taxes) Act 2026 only applies in relation to an appeal that is fixed for hearing under section 52(1)(a) of the Goods and Services Tax Act 1993 on or after the date of commencement of section 51 of the Finance (Income Taxes) Act 2026, and section 52(1)(b) of the Goods and Services Tax Act 1993 as in force immediately before that date continues to apply in relation to an appeal that is fixed for hearing before that date.

(6)

Despite section 52 of the Finance (Income Taxes) Act 2026, section 54 of the Goods and Services Tax Act 1993 as in force immediately before the date of commencement of section 52 of the Finance (Income Taxes) Act 2026 (and the period under the Rules of Court 2021 for filing an appeal to the General Division of the High Court and serving appeal documents on all parties) continues to apply in relation to any decision made before that date by the Goods and Services Tax Board of Review constituted under section 50 of the Goods and Services Tax Act 1993.

(7)

Section 32(1)(b) of the Property Tax Act 1960 as amended by section 53 of the Finance (Income Taxes) Act 2026 only applies in relation to an appeal that is fixed for hearing under section 32(1)(a) of the Property Tax Act 1960 on or after the date of commencement of section 53 of the Finance (Income Taxes) Act 2026, and section 32(1)(b) of the Property Tax Act 1960 as in force immediately before that date continues to apply in relation to an appeal that is fixed for hearing before that date.

(8)

Despite section 54 of the Finance (Income Taxes) Act 2026, section 35 of the Property Tax Act 1960 as in force immediately before the date of commencement of section 54 of the Finance (Income Taxes) Act 2026 continues to apply in relation to any decision made before that date by the Valuation Review Board constituted under section 23 of the Property Tax Act 1960.

(9)

For a period of 2 years after the date of publication in the Gazette of the Finance (Income Taxes) Act 2026, the Minister may, by regulations, prescribe such provisions of a saving or transitional nature consequent on the enactment of any provision of that Act as the Minister may consider necessary or expedient, and such regulations may be made to operate retrospectively to a date no earlier than the commencement of the provision.