THE public will be consulted over proposed amendments to the Income Tax Act, the Ministry of Finance (MOF) said yesterday. Proposals in the Draft Income Tax (Amendment) Bill 2008 include incentives to encourage private sector R&D, tax deductability on fixtures and fittings and greater course-fee relief for individuals.

The proposed amendments also include refinements to existing tax policies and administration. These refinements involve introduction of a 'no filing system' through which individuals can be assessed for tax by the Inland Revenue Authority of Singapore without having to file a tax return, and the formalisation of double-tax deductability on donations made via qualifying grant-making philanthropic organisations to institutions for public character. The latter will be backdated to Feb 15, 2007 when the scheme was announced.

The public consultation exercise starts today and ends on July 28. Details of the proposed tax changes can be found at http: //www.reach.gov.sg and http://www.mof. gov.sg/consultation_current/index.html. Interested parties can send comments to the MOF via the website, email, fax or post.

This article was first published in The Business Times on June 27, 2008.