Income Tax Act 1947
Table of Contents
Long Title
Part 1 PRELIMINARY
1 Short title
2 Interpretation
Part 2 ADMINISTRATION
3 Appointment of Comptroller and other officers
3A Assignment of function or power to public body
4 Powers of Comptroller
5 Approved pension or provident fund or society
6 Official secrecy
7 Rules
8 Service and signature of notices, etc.
8A Use of electronic service
9 Free postage
Part 3 IMPOSITION OF INCOME TAX
10 Charge of income tax
10A Profits of unit trusts
10B Excess provident fund contributions, etc., deemed to be income
10C Income from finance or operating lease
10D Ascertainment of income from business of making investments
10E Ascertainment of income from certain public‑private partnership arrangements
10F Ascertainment of income from business of hiring out motor cars or providing driving instruction or chauffeur services
10G Withdrawals from Supplementary Retirement Scheme
10H Securities lending or repurchase arrangement
10I Additional Tier 1 capital instruments
10J Tax treatment for trading stock appropriated for non‑trade or capital purpose
10K Tax treatment for covered bond transactions
10L Gains from the sale of foreign assets
11 Ascertainment of income of clubs, trade associations, etc.
12 Sources of income
Part 4 EXEMPTION FROM INCOME TAX
13 Exempt income
13A Exemption of shipping profits
13B Assessment of income not entitled to exemption under section 43A, 43C, 43D or 43H
13C Exemption of income of trustee of trust fund arising from funds managed by fund manager in Singapore
13D Exemption of income of prescribed persons arising from funds managed by fund manager in Singapore
13E Exemption of international shipping profits
13F Exemption of income of foreign trust
13G Exemption of income of venture company
13H Exemption of tax on gains or profits from equity remuneration incentive scheme (SMEs)
13I Exemption of tax on gains or profits from equity remuneration incentive scheme
13J Exemption of tax on gains or profits from equity remuneration incentive scheme (start‑ups)
13K Exemption of tax on income derived by non‑ordinarily resident individual
13L Exemption of income of foreign account of philanthropic purpose trust
13M Exemption of income derived from asset securitisation transaction
13N Exemption of relevant income of prescribed locally‑administered trust
13O Exemption of income of company incorporated and resident in Singapore arising from funds managed by fund manager in Singapore
13P Exemption of income of shipping investment enterprise
13Q Exemption of trust income to which beneficiary is entitled
13QA Exemption of estate income received by beneficiary, etc.
13R Exemption of income of not‑for‑profit organisation
13S Exemption of income derived by law practice from international arbitration held in Singapore
13T Exemption of relevant income of eligible family‑owned investment holding company
13U Exemption of income arising from funds managed by fund manager in Singapore
13V Exemption of certain income of prescribed sovereign fund entity and approved foreign government‑owned entity
13W Exemption of gains or profits from disposal of ordinary shares
13X Exemption of certain payments received in connection with COVID‑19 events
Part 5 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, maintenance of overseas trade office, or electronic commerce
14C Expenditure on research and development
14D Enhanced deduction for qualifying expenditure on research and development
14E Further deduction for expenditure on research and development project
14EA Deduction for expenditure incurred on qualifying innovation projects
14F Expenditure on building modifications for benefit of disabled employees
14G Provisions by banks and qualifying finance companies for doubtful debts and diminution in value of investments
14H Further or double deduction for overseas investment development expenditure
14I Further or double deduction for salary expenditure for employees posted overseas
14J Deduction for upfront land premium
14K Deduction for special reserve of approved general insurer
14L Deduction for treasury shares transferred under employee equity‑based remuneration scheme
14M Deduction for shares transferred by special purpose vehicle under employee equity‑based remuneration scheme
14N Deduction for renovation or refurbishment expenditure
14O Deduction for qualifying training expenditure for years of assessment 2011 to 2018
14P Deduction for qualifying design expenditure
14Q Deduction for expenditure on leasing of PIC automation equipment under qualifying lease
14R Deduction for expenses incurred before first dollar of income from trade, business, profession or vocation
14S Deduction for amortisation of intangible asset created under public‑private partnership arrangement
14T Deduction for expenditure on licensing intellectual property rights
14U Enhanced deduction for expenditure on licensing intellectual property rights
14V Deduction for expenditure incurred to comply with statutory and regulatory requirements
14W Deduction for expenditure incurred by individual in deriving passive rental income in Singapore
14X Attribution of deductible expenses incurred before commencement of trade, etc.
14Y Further or double deduction for qualifying expenditure on issue of debentures and making available debentures for secondary trading
14Z Deduction for expenditure for services or secondment to institutions of a public character
14ZA Deduction for expenditure incurred in deriving income from driving chauffeured private hire car or taxi
14ZB Deduction for expenditure incurred by individual in deriving commission
14ZC Deduction for payments made to drivers of chauffeured private hire cars and taxis
14ZD Deduction for payments made to lessees or licensees to mitigate impact of COVID‑19 event
14ZE Deduction for expenditure incurred in obtaining or granting, etc., leases of immovable properties
14ZF Deduction for expenditure incurred on immovable property while vacant
14ZG Deduction for qualifying training expenditure for years of assessment 2024 to 2028
14ZH Deduction for expenditure incurred in deriving income from providing delivery services
15 Deductions not allowed
15A Limit on deduction allowed for leasing or licensing expenditure in 2020
15B Limit on deduction allowed for leasing or licensing expenditure in 2021
Part 6 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 23 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
19E Use of open‑market price for making allowances under sections 19, 19A and 19D
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 Special provisions as to certain transfers
Part 7 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
32A Valuation of cost of trading stock converted from non‑trade or capital asset
33 Comptroller to disregard certain transactions and dispositions
33A Surcharge on adjustments under section 33
34 Decision of Comptroller no bar to appeal
34A Adjustment on change of basis of computing profits of financial instruments resulting from FRS 39 or SFRS for Small Entities
34AA Adjustment on change of basis of computing profits of financial instruments resulting from FRS 109 or SFRS(I) 9
34AAA Change of basis for computing profits from financial instruments for insurers
34AB Chargeability of profit or loss from foreign exchange differences
34B Islamic financing arrangements
34C Amalgamation of companies
34CA Transfer of businesses by insurer
34D Transactions not at arm’s length
34E Surcharge on transfer pricing adjustments
34F Transfer pricing documentation
34G Modification of provisions for companies redomiciled in Singapore
34H Tax credits for approved redomiciled companies
34I Adjustments arising from adoption of FRS 115 or SFRS(I) 15
34J Tax treatment arising from adoption of FRS 116 or SFRS(I) 16
Part 8 ASCERTAINMENT OF STATUTORY INCOME
35 Basis for computing statutory income
35A Cessation of source of income commenced before 1 January 1969
36 Partnership
36A Limited liability partnership
36B Registered business trusts
36C Limited partnership
Part 9 ASCERTAINMENT OF ASSESSABLE INCOME
37 Assessable income
37A Adjustment of capital allowances, losses or donations between income subject to tax at different rates
37AA Deduction for donation of money by person related to or connected with company approved under section 13O or person, master fund, etc., approved under section 13U
37B Group relief for Singapore companies
37C Transfer of qualifying deduction between spouses
37D Carry‑back of capital allowances and losses
37E Carry‑back of capital allowances and losses between spouses
37F Deduction for incremental expenditure on research and development
37G Cash payout under Productivity and Innovation Credit Scheme
37H Productivity and Innovation Credit bonus
37I Modification of sections 37G and 37H in their application to partnership
37J Enhanced deduction or allowance under Productivity and Innovation Credit Plus Scheme
37K Abusive PIC arrangements
37L Promoters of abusive PIC arrangements
37M Penalties for false information, etc., resulting in payment under section 37G or 37H
37N Deduction for qualifying investments in qualifying start‑up companies
37O Deduction for acquisition of shares of companies
37P Treatment of unabsorbed donations attributable to exempt income
37Q Exclusion of expenditure or payment subsidised by capital grant
37R Cash payout under Enterprise Innovation Scheme
37S Penalties for false information, etc., resulting in payment under section 37R
Part 10 ASCERTAINMENT OF CHARGEABLE INCOME AND PERSONAL RELIEFS
38 Chargeable income
39 Relief and deduction for resident individual
39A Limit on total deduction under section 39
40 (Repealed)
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 11 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 headquarters company
43E Concessionary rate of tax for Finance and Treasury Centre
43F Concessionary rate of tax for offshore leasing of machinery and plant
43G Concessionary rate of tax for trustee company
43H Concessionary rate of tax for income derived from debt securities
43I Concessionary rate of tax for global trading company and qualifying company
43J Concessionary rate of tax for financial sector incentive company
43K Concessionary rate of tax for provision of processing services to financial institutions
43L Concessionary rate of tax for shipping investment manager
43M Concessionary rate of tax for trust income to which beneficiary is entitled
43MA Concessionary rate of tax for estate income received by beneficiary, etc.
43N Concessionary rate of tax for leasing of aircraft and aircraft engines
43O Concessionary rate of tax for aircraft investment manager
43P Concessionary rate of tax for container investment enterprise
43Q Concessionary rate of tax for container investment manager
43R Concessionary rate of tax for approved insurance brokers
43S Concessionary rate of tax for income derived from managing qualifying registered business trust or company
43T Concessionary rate of tax for ship broking and forward freight agreement trading
43U Concessionary rate of tax for shipping‑related support services
43V Concessionary rate of tax for income derived from managing approved venture company
43W Concessionary rate of tax for international growth company
43X Concessionary rate of tax for intellectual property income
Part 12 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.
45EA Approval of deduction of investment from SRS account of non‑citizen
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
45J Application of section 45, etc., to Government
Part 13 ALLOWANCES FOR TAX CHARGED
46 Tax deducted from interests, etc.
47 (Repealed)
Part 14 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
50BA Tax credits for estate income received by beneficiary, etc.
50C Pooling of credits
Part 15 PERSONS CHARGEABLE
Husband and wife
51 Income of wife
Trustees, agents and curators
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 16 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
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 despite duty of secrecy under Banking Act 1970 or Trust Companies Act 2005
65E Section 65B notice may be subject to confidentiality duty
65F Arrest of person
65G No unnecessary restraint
65H Arresting officer to be armed
65I Search of place entered by person sought to be arrested
65J Arrested person may be orally examined
65K Disposal of item furnished or seized
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
68A Duty to collect and retain information of certain persons, etc.
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 17 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 18 APPEALS
78 Board of Review
79 Right of appeal
80 Hearing and disposal of appeals
80A Hearing of appeal by committee where member becomes unavailable
80B Hearing of appeal by single member where member becomes unavailable
81 Appeals to General Division of High Court
82 Cases stated for General Division of High Court
83 Proceedings before Board
84 Assessments to be final and conclusive
Part 19 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
92E Remission of tax of companies for year of assessment 2016
92F Remission of tax of companies for year of assessment 2017
92G Remission of tax of companies for year of assessment 2018
92H Remission of tax of companies for year of assessment 2019
92I Remission of tax of companies for year of assessment 2020
93 Repayment of tax
93A Relief in respect of error or mistake
Part 20 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 Comptroller or officers
99 Tax to be payable despite any proceedings for penalties
100 Provisions relating to penalty
101 Consent for prosecution
102 Service of summons
102A Notice to attend court
103 Saving for criminal proceedings
104 Admissibility of certain statements and documents as evidence
104A Protection of informers
105 Jurisdiction of court
Part 20A 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
105HA Confidentiality requirements for judicial review proceedings
Part 20B 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
105MA Anti‑avoidance
105N Power of Comptroller to obtain information
105O Information may be used for administration of Act
105P Regulations to implement international tax compliance agreements, etc.
105PA Duty to provide information under regulations prevails over duty of secrecy, etc.
105Q Confidentiality requirements for judicial review proceedings
Part 21 MISCELLANEOUS
105R Revocation of approval
105S Conditions for application of tax incentive treated as conditions of approval
106 Powers to amend Schedules
107 Variable capital companies or VCCs
108 Advance rulings
Legislative History
Abbreviations
Comparative Table