Income Tax (Amendment) Bill

Bill No. 8/1970

Read the first time on 17th March 1970.
An Act to amend the Income Tax Ordinance (Chapter 166 of the Revised Edition).
Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows: —
Short title and commencement
1.  This Act may be cited as the Income Tax (Amendment) Act, 1970, and shall be deemed to have come into operation on the 1st day of January 1970.
Amendment of section 10
2.  Section 10 of the Income Tax Ordinance is hereby amended by deleting subsection (1A) thereof and substituting therefor the following: —
(1A)  For the purposes of paragraph (f) of subsection (1) of this section —
(a)the expression “any other profits arising from property” shall be deemed to include the net annual value of property used by or on behalf of the owner for residential purposes and not for the purposes of gain or profit; and
(b)the expression “net annual value” in relation to any property means the annual value of such property less the expenses of repair, insurance, interest, maintenance or upkeep and all public rates and taxes paid thereon:
Provided that in respect of any one property which is occupied for residential purposes by the owner thereof —
(i)the net annual value of such property; or
(ii)an amount equal to such sum as the Minister may, by order published in the Gazette, specify,
whichever is the less, shall not be deemed to be profits arising from property.”.