June 12 2018
The Inland Revenue (Amendment) (No. 5) Bill 2018 (Amendment Bill) was gazetted on 8 June 2018. The Amendment Bill seeks to implement three tax concession measures as proposed in the 2018-19 Budget. The measures include the following:
- allowing the husband and wife the option of electing for personal assessment separately;
- allowing enterprises to claim a 100% tax deduction for capital expenditure incurred for procuring environmental protection installations in 1 year instead of over 5 years; and
- extending the scope of the tax exemption for debt instruments under the Qualifying Debt Instrument Scheme.