Clause 44
Amendment of section 105D
of Income Tax (Amendment) Bill
BillNot in forceProvision 44 of 53
Clause 44
Section 105D of the principal Act is amended by inserting, immediately after subsection (3), the following subsection:“(4) For the purposes of subsection (3), the terms of the prescribed arrangement shall not be construed in such a way as to prevent the Comptroller from complying with, or to permit him to decline to comply with, a request for information merely because —
(a)
Singapore does not need the information for its own tax purposes; or
(b)
the information is held by a bank or other financial institution, a nominee or a person acting in an agency or fiduciary capacity, or it relates to the ownership interests in an entity.”.