Estate Duty (Amendment) Bill

Bill No. 15/1976

Read the first time on 3rd September 1976.
An Act to amend the Estate Duty Act (Chapter 137 of the Revised Edition).
Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows: —
Short title
1.  This Act may be cited as the Estate Duty (Amendment) Act, 1976.
New section 10A
2.  The Estate Duty Act is hereby amended by inserting immediately after section 10 thereof the following section: —
Deposits with Asian Currency Units, Asian Dollar Bonds and Government bonds, stock and securities
10A.—(1)  With effect from the 1st day of January 1976, estate duty shall not be payable in respect of the following property in Singapore passing on the death of any person who at the time of his death was neither domiciled nor resident in Singapore: —
(a)deposits and balances with Asian Currency Units of approved banks;
(b)negotiable certificates of deposits issued by Asian Currency Units of approved banks;
(c)Asian Dollar Bonds which have been approved by the Minister for exemption from estate duty; and
(d)bonds, stocks and securities issued by the Government which have been approved by the Minister for exemption from estate duty.
(2)  For the purposes of this section —
(a)“approved banks” means approved banks within the meaning of section 13 of the Income Tax Act (Cap. 141); and
(b)a deceased person shall be treated as resident in Singapore if during the period of twelve months ending on the date of his death he had —
(i)resided in Singapore notwithstanding any temporary absences abroad; or
(ii)spent in the aggregate 183 days in Singapore.”.