Income Tax Act(CHAPTER 134)
Table of Contents
Long Title
Part I PRELIMINARY
1 Short title
2 Interpretation
Part II ADMINISTRATION
3 Appointment of Comptroller and other officers
4 Powers of Comptroller
5 Approved pension or provident fund or society
6 Official secrecy
7 Rules
8 Service and signature of notices
8A Electronic service
9 Free postage
Part III IMPOSITION OF INCOME TAX
10 Charge of income tax
10A Profits of investment company
10B Profits of unit trusts
10C Excess provident fund contributions, etc., deemed to be income
10D Income from finance or operating lease
10E Ascertainment of income from business of making investments
10F Ascertainment of income from certain public-private partnership arrangements
10G (Repealed)
10H Ascertainment of income from business of hiring out motor cars or providing driving instruction
10I Reduction of share capital
10J Shares buyback
10K Shares redemption
10L Withdrawals from Supplementary Retirement Scheme
10M Buyback of preferential shares
10N Securities lending or repurchase arrangement
11 Ascertainment of income of clubs, trade associations, etc.
12 Sources of income
Part IV EXEMPTION FROM INCOME TAX
13 Exempt income
13A Exemption of shipping profits
13B Assessment of income not entitled to exemption under section 43A, 43C, 43E or 43N
13C Exemption of income of trustee of trust fund arising from funds managed by fund manager in Singapore
13CA Exemption of income of non-resident arising from funds managed by fund manager in Singapore
13D (Repealed)
13E (Repealed)
13F Exemption of international shipping profits
13G Exemption of income of foreign trust
13H Exemption of income of venture company
13I (Repealed)
13J Exemption of tax on gains or profits from equity remuneration incentive scheme (SMEs)
13K (Repealed)
13L Exemption of tax on gains or profits from equity remuneration incentive scheme
13M Exemption of tax on gains or profits from equity remuneration incentive scheme (start-ups)
13N Exemption of tax on income derived by non-ordinarily resident individual
13O Exemption of income of foreign account of philanthropic purpose trust
13P Exemption of income derived from asset securitisation transaction
13Q Exemption of relevant income of prescribed locally administered trust
13R Exemption of income of company incorporated and resident in Singapore arising from funds managed by fund manager in Singapore
13S Exemption of income of shipping investment enterprise
13T Exemption of trust income to which beneficiary is entitled
13U Exemption of income of not-for-profit organisation
13V Exemption of income derived by law practice from international arbitration held in Singapore
13W Exemption of relevant income of eligible family-owned investment holding company
13X Exemption of income arising from funds managed by fund manager in Singapore
13Y Exemption of certain income of prescribed sovereign fund entity and approved foreign government-owned entity
13Z Exemption of gains or profits from disposal of ordinary shares
Part V DEDUCTIONS AGAINST INCOME
14 Deductions allowed
14A Deduction for costs for protecting intellectual property
14B Further deduction for expenses relating to approved trade fairs, exhibitions or trade missions or to maintenance of overseas trade office
14C Further deduction for logistics expenses
14D Expenditure on research and development
14DA Enhanced deduction for qualifying expenditure on research and development
14E Further deduction for expenditure on research and development project
14F Management expenses of investment companies
14G (Repealed)
14H Expenditure on building modifications for benefit of disabled employees
14I Provisions by banks and qualifying finance companies for doubtful debts and diminution in value of investments
14J (Repealed)
14K Further or double deduction for overseas investment development expenditure
14L Further deduction for expenses incurred in relocation or recruitment of overseas talent
14M Deduction for hotel refurbishment expenditure
14N Deduction for upfront land premium
14O Deduction for special reserve of approved general insurer
14P Deduction for treasury shares transferred under employee equity-based remuneration scheme
14PA Deduction for shares transferred by special purpose vehicle under employee equity-based remuneration scheme
14Q Deduction for renovation or refurbishment expenditure
14R Deduction for qualifying training expenditure
14S Deduction for qualifying design expenditure
14T Deduction for expenditure on leasing of PIC automation equipment under qualifying lease
14U Deduction for expenses incurred before first dollar of income from trade, business, profession or vocation
14V Deduction for amortisation of intangible asset created under public-private partnership arrangement
14W Deduction for expenditure on licensing intellectual property rights
15 Deductions not allowed
Part VI CAPITAL ALLOWANCES
16 Initial and annual allowances for industrial buildings and structures
17 Balancing allowances and charges for industrial buildings and structures
18 Definitions for sections 16, 17 and 18B
18A (Repealed)
18B Transitional provisions for capital expenditure incurred on industrial buildings or structures on or after 23rd Febuary 2010
18C Initial and annual allowances for certain buildings and structures
19 Initial and annual allowances for machinery or plant
19A Allowances of 3 years or 2 years write off for machinery and plant, and 100% write off for computer, prescribed automation equipment and robot, etc.
19B Writing-down allowances for intellectual property rights
19C Writing-down allowances for approved cost-sharing agreement for research and development activities
19D Writing-down allowance for IRU
20 Balancing allowances and charges for machinery or plant
21 Replacement of machinery or plant
22 Expenditure on machinery or plant
22A Order of set-off of allowances
23 Carry forward of allowances
24 Special provisions as to certain sales
25 (Spent)
Part VII ASCERTAINMENT OF CERTAIN INCOME
26 Profits of insurers
26A Ascertainment of income of member of Lloyd’s syndicate
27 Profits of non-resident shipowner or charterer
28 Profits of non-resident air transport and cable undertakings
29 (Repealed)
30 (Repealed)
31 Income arising from settlements
32 Valuation of trading stock on discontinuance or transfer of trade or business
33 Comptroller may disregard certain transactions and dispositions
34 Decision of Comptroller no bar to appeal
34A Adjustment on change of basis of computing profits of financial instruments
34B Islamic financing arrangements
34C Amalgamation of companies
34D Transactions not at arm’s length
Part VIII ASCERTAINMENT OF STATUTORY INCOME
35 Basis for computing statutory income
35A Cessation of source of income commenced before 1st January 1969
36 Partnership
36A Limited liability partnership
36B Registered business trusts
36C Limited partnership
Part IX ASCERTAINMENT OF ASSESSABLE INCOME
37 Assessable income
37A (Repealed)
37B Adjustment of capital allowances, losses or donations between income subject to tax at different rates
37C Group relief for Singapore companies
37D Transfer of qualifying deduction between spouses
37E Carry-back of capital allowances and losses
37F Carry-back of capital allowances and losses between spouses
37G Deduction for incremental expenditure on research and development
37H Cash grant for research and development expenditure for start-up company
37I Cash payout under Productivity and Innovation Credit Scheme
37IA Productivity and Innovation Credit bonus
37IB Modification of sections 37I and 37IA in their application to partnership
37J Penalties for false information, etc., resulting in payment under section 37I or 37IA
37K Deduction for qualifying investments in qualifying start-up companies
37L Deduction for acquisition of shares of companies
37M Treatment of unabsorbed donations attributable to exempt income
Part X ASCERTAINMENT OF CHARGEABLE INCOME AND PERSONAL RELIEFS
38 Chargeable income
39 Relief and deduction for resident individual
40 Relief for non-resident citizens and certain other non-residents
40A Relief for non-resident public entertainers
40B Relief for non-resident employees
40C Relief for non-resident SRS members
40D Relief for non-resident deriving income from activity as public entertainer and employee, etc.
41 Proof of claims for deduction or relief
Part XI RATES OF TAX
42 Rates of tax upon individuals
42A Rebate for children of family
43 Rate of tax upon companies and others
43A Concessionary rate of tax for Asian Currency Unit, Fund Manager and securities company
43B Special rate of tax for non-resident shipowner or charterer or air transport undertaking
43C Exemption and concessionary rate of tax for insurance and reinsurance business
43D Concessionary rate of tax for offshore transactions on any market maintained by Singapore Exchange or its subsidiaries
43E Concessionary rate of tax for headquarters company
43F Concessionary rate of tax for oil trading company
43G Concessionary rate of tax for Finance and Treasury Centre
43H Concessionary rate of tax for international commodity trading company
43I Concessionary rate of tax for offshore leasing of machinery and plant
43J Concessionary rate of tax for trustee company
43K Concessionary rate of tax for members of Singapore Commodity Exchange Ltd, etc.
43L (Repealed)
43M (Repealed)
43N Concessionary rate of tax for income derived from debt securities
43O (Repealed)
43P Concessionary rate of tax for global trading company and qualifying company
43Q Concessionary rate of tax for financial sector incentive company
43R Concessionary rate of tax for provision of processing services to financial institutions
43S Concessionary rate of tax for commodity derivatives trading company
43T Concessionary rate of tax for income derived from securities lending or repurchase arrangement
43U Concessionary rate of tax for income derived from organising or staging tourism event
43V Concessionary rate of tax for clearing member of Singapore clearing house
43W Concessionary rate of tax for shipping investment manager
43X Concessionary rate of tax for trust income to which beneficiary is entitled
43Y Concessionary rate of tax for leasing of aircraft and aircraft engines
43Z Concessionary rate of tax for aircraft investment manager
43ZA Concessionary rate of tax for container investment enterprise
43ZB Concessionary rate of tax for container investment manager
43ZC Concessionary rate of tax for approved insurance brokers
43ZD Concessionary rate of tax for income derived from managing qualifying registered business trust or company
43ZE Concessionary rate of tax for ship broking and forward freight agreement trading
43ZF Concessionary rate of tax for shipping-related support services
Part XII DEDUCTION OF TAX AT SOURCE
44 (Repealed)
44A (Repealed)
45 Withholding of tax in respect of interest paid to non-resident persons
45A Application of section 45 to royalties, management fees, etc.
45AA Tax deemed withheld and recoverable from person in breach of condition imposed under section 13(4)
45B Application of section 45 to non-resident director’s remuneration
45C Application of section 45 to distribution by unit trust
45D Application of section 45 to gains from real property transaction
45E Application of section 45 to withdrawals by non-citizen SRS members, etc.
45F Application of section 45 to income from profession or vocation carried on by non-resident individual, etc.
45G Application of section 45 to distribution from any real estate investment trust
45GA Application of section 45 to income derived as public entertainer
45H Application of section 45 to commission or other payment of licensed international market agent
45I Sections 45 and 45A not applicable to certain payments
Part XIII ALLOWANCES FOR TAX CHARGED
46 Tax deducted from interests, etc.
47 Special allowance for interest received as trading receipts
Part XIV RELIEF AGAINST DOUBLE TAXATION
48 (Repealed)
49 Avoidance of double taxation arrangements
50 Tax credits
50A Unilateral tax credits
50B Tax credits for trust income to which beneficiary is entitled
50C Pooling of credits
Part XV PERSONS CHARGEABLE
51 Income of wife
52 Chargeability of trustees, etc.
53 Chargeability of agent of person residing out of Singapore
54 Liability of person chargeable in respect of incapacitated person
55 Liability of managers of companies or bodies of persons
56 Indemnification of representative
57 Power to appoint agent, etc., for recovery of tax
58 Deceased persons
59 Duty of liquidator on winding up of company or limited liability partnership
60 Chargeability of joint trustees
61 (Repealed)
Part XVI RETURNS
62 Notice of chargeability and returns
62A The basic rule: Singapore dollar to be used
62B Currency other than Singapore dollar to be used in certain circumstances
63 Furnishing of estimate of chargeable income if no return is made under section 62
64 Comptroller may call for further returns
65 Power to call for returns, books, etc.
65A Statement of bank accounts, assets, etc.
65B Power of Comptroller to obtain information
65C Failure to comply with section 64, 65, 65A or 65B
65D Section 65B notice applies notwithstanding duty of secrecy under Banking Act or Trust Companies Act
65E Section 65B notice may be subject to confidentiality duty
66 Returns to be deemed to be furnished by due authority
67 Keeping of books of account and giving of receipts
68 Official information and secrecy, and returns by employer
69 Lists to be prepared by representative or agent
70 Occupiers to furnish return of rent payable
71 Return to be made by partnership
71A (Repealed)
Part XVII ASSESSMENTS AND OBJECTIONS
72 Comptroller to make assessments
73 Advance assessments
74 Additional assessments
74A Revised assessments as relief for late GST registration
75 Waiver of small assessments
76 Service of notices of assessment and revision of assessment
77 Errors and defects in assessment and notice
Part XVIII APPEALS
78 Board of Review
79 Right of appeal
80 Hearing and disposal of appeals
81 Appeals to High Court
82 Cases stated for High Court
83 Proceedings before Board and High Court
84 Assessments to be final and conclusive
Part XIX COLLECTION, RECOVERY AND REPAYMENT OF TAX
85 Time within which payment is to be made
86 Recovery of tax from persons leaving Singapore
87 Penalty for non-payment of tax and enforcement of payment
88 Change of address
89 Suit for tax by Comptroller
90 Statement of Comptroller sufficient
91 Deduction of tax from emoluments and pensions
92 Remission, reduction or refund of tax
92A Remission of tax of companies for year of assessment 2011
92B Cash grant for companies for year of assessment 2011
92C Cash grant for companies for year of assessment 2012
92D Remission of tax of companies for years of assessment 2013, 2014 and 2015
93 Repayment of tax
93A Relief in respect of error or mistake
Part XX OFFENCES AND PENALTIES
94 General penalties
94A Penalty for failure to make return
95 Penalty for incorrect return, etc.
96 Tax evasion and wilful action to obtain PIC bonus
96A Serious fraudulent tax evasion and action to obtain PIC bonus
97 Penalties for offences by authorised and unauthorised persons
98 Penalty for obstructing officers
99 Tax to be payable notwithstanding any proceedings for penalties
100 Provisions relating to penalty
101 Consent for prosecution
102 Service of summons
103 Saving for criminal proceedings
104 Admissibility of certain statements and documents as evidence
105 Jurisdiction of court
Part XXA Exchange of information under avoidance of double taxation arrangements and exchange of information arrangements
105A Interpretation of this Part
105B Purpose of this Part
105BA Exchange of information arrangement
105C (Repealed)
105D Request for information
105E Comptroller to serve notice of request on certain persons
105F Power of Comptroller to obtain information
105G Power of Comptroller to obtain information from other authorities
105GA Information may be used for administration of Act
105H Rules for purposes of this Part
Part XXB INTERNATIONAL AGREEMENTS TO IMPROVE TAX COMPLIANCE
105I Interpretation of this Part
105J Purpose of this Part
105K International tax compliance agreements
105L Provision of information to Comptroller
105M Offences
105N Power of Comptroller to obtain information
105O Information may be used for administration of Act
105P Regulations to implement international tax compliance agreements
Part XXI MISCELLANEOUS
106 Powers to amend Schedules
107 (Repealed)
108 Advance rulings