Follows SIN GVT Jun. 2021 proposed income tax (amendment) bill 2021, #107888.
Overview of Amendments
Amends the principal act above by inserting definition of scheduled public scheme.
This means a scheme, introduced by SIN GVT or statutory body pursuant to which any money, credit, rebate or other grant is to be given, and that is listed in 2nd schedule.
Other amendments include inserting a new part 5A titled scheduled public schemes.
Div 1 of part 5A includes provisions on recovery of wrongly given grants; div 2 of part 5A includes provisions on offenses; div 3 of part 5A provides for enforcement powers.
New section 27A provides for protection of informers; amendment act makes various other amendments including those that are incidental to certain amendments above.
Effectiveness
Act comes into operation on a date that Minister appoints by notification in Gazette.
Oct. 2024 Commencement
On Oct. 25, 2024, SIN GVT published the Inland Revenue Authority of Singapore (amendment) act 2024 (commencement) notification 2024 in the government gazette.
It states that the act shall come into operation effective Nov. 1, 2024.
Regulators
SIN GVT
Entity Types
CNSM; Corp
Reference
OG S820/2024, 10/25/2024; OG 14/2024, 4/15/2024; Act 11/2024, 3/22/2024;
