Income Tax (Amendment) Bill

by deleting the word “and” at the end of sub‑paragraph (i)(C) of the proviso to paragraph (e) of subsection (1);

by deleting sub-paragraph (i)(D) of the proviso to paragraph (e) of subsection (1) and substituting the following sub-paragraphs:“(D)commencing on or after 1st July, 1979, and before 1st July, 1982, shall not exceed twenty and a half per cent; and

commencing on or after 1st July, 1982, shall not exceed twenty-two per cent,”;

by inserting, immediately after the words “1st day of April, 1979” in subsection (3A), the words “and before the 1st day of April, 1982,”; and

by inserting, immediately after subsection (3A), the following subsection:“(3B) For the purpose of application to a motor car acquired on or after 1st April, 1982, the reference to “fifteen thousand dollars” in subsection (3) shall, wherever it occurs, be read as a reference to “thirty-five thousand dollars”.”.

on or after 1st April, 1979, and before 1st April, 1982, the reference to “fifteen thousand dollars” in this subsection shall, wherever it occurs, be read as a reference to “twenty-five thousand dollars”; and

on or after 1st April, 1982, the reference to “fifteen thousand dollars” in this subsection shall, wherever it occurs, be read as a reference to “thirty-five thousand dollars”.”.

by deleting the word “or” at the end of paragraph (d) of subsection (1);

by deleting the comma at the end of paragraph (e) of subsection (1) and substituting a semi-colon, and by inserting immediately thereafter the following paragraphs:“(f)he has, for the purposes of energy conservation and of a trade, profession or business carried on by him, installed any approved machinery or plant in replacement of other machinery or plant or installed any specified energy saving equipment; or

he is carrying on business as a financial institution or a leasing company,”;

by deleting the word “and” at the end of sub-paragraph (iv) of subsection (1);

by deleting the full-stop at the end of sub-paragraph (v) of subsection (1) and substituting a semi-colon, and by inserting immediately thereafter the following sub-paragraphs:“(vi)on or after 1st January, 1982, on the provision of that approved machinery or plant in replacement of other machinery or plant or of that specified energy saving equipment; and

on the provision of machinery or plant by the financial institution or the leasing company if that machinery or plant is let under a finance lease made on or after 1st April, 1982, to a person who would have been entitled to an annual allowance provided by this section had he incurred the capital expenditure on the machinery or plant.”; and

by deleting the full-stop at the end of paragraph (d) of subsection (4) and substituting a semi-colon, and by inserting immediately thereafter the following paragraphs:“(e)“approved machinery or plant” means —

any central air-conditioning equipment;

any boiler;

any water pumping equipment;

any laundry equipment;

any refrigeration equipment;

any lift; and

any escalator,approved by the Minister or such person as he may appoint;

“specified energy saving equipment” means —

any solar heating and cooling equipment;

any heat recovery equipment;

any power factor controller; and

any other energy saving equipment or device, specified by the Minister or such person as he may appoint;

“financial institution” means any bank or any finance company licensed under the Finance Companies Act (Cap. 191);

“leasing company” means any company or firm whose business consists wholly of the leasing of machinery or plant.”.

on or after 1st April, 1979, and before 1st April, 1982, paragraph (a) shall apply except that the reference to “15,000” in the formula in that paragraph shall be read as a reference to “25,000”; and

on or after 1st April, 1982, paragraph (a) shall apply except that the reference to “15,000” in the formula in that paragraph shall be read as a reference to “35,000”; and”.

computes and assesses the full profits of the non-resident person from his shipping business on a basis not materially different from the basis of assessment provided by this Act for the assessment of a resident of Singapore carrying on a similar business; and

accepts any certificate issued by the Comptroller for the purpose of computing the profits derived by a resident of Singapore from carrying on the business of a shipowner or charterer and assesses the income of that resident on the basis of and without making any adjustment to the profits or loss or the allowance for depreciation as stated in the certificate issued by the Comptroller and in the same manner as the income of the non-resident person is assessed under subsection (2);”.

by deleting sub-paragraph (ii) of the proviso to paragraph (e) of subsection (2) and substituting the following sub-paragraph:“(ii)no deduction shall be allowed in excess of five thousand dollars except that where the contributions recoverable under subsection (2) of section 7 of the Central Provident Fund Act (Cap. 121) or the contributions made to a designated pension or provident fund exceed five thousand dollars, the excess contributions shall be allowed as a deduction; and for the purpose of this paragraph a “designated pension or provident fund” means an approved fund designated by the Minister;”;

by inserting, immediately after sub-paragraph (v) of the proviso to paragraph (e) of subsection (2), the following sub-paragraph:“(vi)in the case of an individual who has made contributions to a designated pension or provident fund, no such deduction shall exceed the contributions which would have been recoverable under subsection (2) of section 7 of the Central Provident Fund Act had contributions been payable in respect of him to the Central Provident Fund;”;

by deleting the words “seven hundred and fifty dollars” in sub-paragraph (iii) of paragraph (f) of subsection (2) and substituting the words “one thousand five hundred dollars”; and

by deleting the words “three hundred dollars for the year of assessment 1974 and seven hundred and fifty dollars for the year of assessment 1975 and subsequent years of assessment” in paragraph (f) of subsection (2) and substituting the words “one thousand dollars”.