Income Tax (Deduction for Expenditure of Qualifying Individual under Section 14ZD) Rules 2019

Status:

Current version
as at 22 Nov 2024

No. S 794

Income Tax Act

(CHAPTER 134)

Income Tax
(Deduction for Expenditure of
Qualifying Individual under Section 14ZD)
Rules 2019

In exercise of the powers conferred by section 7(1) of the Income Tax Act, the Minister for Finance makes the following Rules:

Citation and commencement

1. These Rules are the Income Tax (Deduction for Expenditure of Qualifying Individual under Section 14ZD) Rules 2019 and come into operation on 2 December 2019.

Prescribed activities

2. Any trade, business, profession or vocation carried on by an individual to act as an agent for another person in relation to the purchase or sale of goods, or purchase or supply of services, is a prescribed activity for the purposes of section 14ZD of the Act, including such trade, business, profession or vocation carried on by the following individuals:

(a)	an estate agent (however described);
(b)	an insurance agent (however described);
(c)	a remisier (however described).

Prescribed commission

3. For the purposes of section 14ZD of the Act, “commission” includes any allowance, incentive, referral fee or other payment that is chargeable to tax under section 10(1)(a) of the Act, and that is derived by an individual from carrying on a prescribed activity.

Made on 14 November 2019.

TAN CHING YEE

Permanent Secretary,
Ministry of Finance,
Singapore.

[REQ20190924842131; AG/LEGIS/SL/134/2015/65 Vol. 1]

(To be presented to Parliament under section 7(2) of the Income Tax Act).

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