Victor Lye on Finance (Income Taxes) Bill
As Singapore adds new global tax rules and local incentives, compliance costs can grow disproportionately, said MP Victor Lye in parliament on Thursday (Nov 6). He suggested that the government issue comprehensive transitional guidelines early, provide simplified tax computation tools or advisory clinics, offer transitional or ‘good faith’ relief, allow self-correction in the next assessment year without penalty and harmonise definitions across tax laws via a consolidated glossary for consistent interpretation.
As Singapore adds new global tax rules and local incentives, compliance costs can grow disproportionately, said MP Victor Lye in parliament on Thursday (Nov 6). He suggested that the government issue comprehensive transitional guidelines early, provide simplified tax computation tools or advisory clinics, offer transitional or ‘good faith’ relief, allow self-correction in the next assessment year without penalty and harmonise definitions across tax laws via a consolidated glossary for consistent interpretation.
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