Income Tax Act |
Income Tax (Profits Not Arising from Property) Order 1996 |
|
1. This Order may be cited as the Income Tax (Profits not arising from Property) Order 1996 and shall have effect for the year of assessment 1997 and subsequent years of assessment. |
2. For the purposes of section 10(6A)(c) of the Act, in respect of any one property which is occupied for residential purposes by the owner thereof, the net annual value of such property or $150,000, whichever is the less, shall not be deemed to be profits arising from property. |
3. The Income Tax (Profits not arising from Property) Order [O 3] is revoked. |
Permanent Secretary, Ministry of Finance, Singapore. |
[MF(R)R32.18.011; AG/SL/10/95/2] |