Don Wee on Income Tax (Amendment) Bill
A proposal to tax gains from the sale or disposal of foreign assets received in Singapore by businesses without economic substance here marks a fundamental shift in the country’s long-standing policy of not taxing gains of a capital nature, said MP Don Wee in Parliament on Tuesday (Oct 3). He asked how many multinational enterprises (MNEs) will be affected and whether the move will affect Singapore’s global appeal. He also had other questions such as whether MNEs will incur taxes if the foreign assets are sold as part of internal restructuring. It is also proposed that the Government can mandate certain intermediaries to submit the income information of self-employed workers. Mr Wee said he supports this as it will facilitate income tax assessment and the administration of schemes to support those who are self-employed. He asked when the measure will be extended to food delivery platforms and taxi operators. Finally, Mr Wee wanted to know if the Philanthropy Tax Incentive Scheme will apply to philanthropic funds that finance sustainable projects overseas or invest in climate change mitigation globally.
A proposal to tax gains from the sale or disposal of foreign assets received in Singapore by businesses without economic substance here marks a fundamental shift in the country’s long-standing policy of not taxing gains of a capital nature, said MP Don Wee in Parliament on Tuesday (Oct 3). He asked how many multinational enterprises (MNEs) will be affected and whether the move will affect Singapore’s global appeal. He also had other questions such as whether MNEs will incur taxes if the foreign assets are sold as part of internal restructuring. It is also proposed that the Government can mandate certain intermediaries to submit the income information of self-employed workers. Mr Wee said he supports this as it will facilitate income tax assessment and the administration of schemes to support those who are self-employed. He asked when the measure will be extended to food delivery platforms and taxi operators. Finally, Mr Wee wanted to know if the Philanthropy Tax Incentive Scheme will apply to philanthropic funds that finance sustainable projects overseas or invest in climate change mitigation globally.
Popular Shows
