Clause 7
Amendment of section 40
of Income Tax (Amendment No. 2) Bill
BillNot in forceProvision 7 of 17
Clause 7
Section 40 of the principal Act is amended —
(a)
by inserting, immediately after the words “assessable income” in subsections (1) and (2)(b), the words “(other than specified income)”;
(b)
by inserting, immediately after the words “all income” in the definition of “aggregate income” in subsection (3), the words “(other than specified income)”; and
(c)
by deleting the full-stop at the end of the definition of “pension” in subsection (3) and substituting a semi-colon, and by inserting immediately thereafter the following definition:“ “specified income” means any income of a person not resident in Singapore which is subject to tax at the rate specified in section 43(1B).”.