Saturday, June 12, 2010

Wanted: Feedback on changes to Property Tax Act

THE Ministry of Finance is seeking public feedback on proposed changes to the Property Tax Act.

The proposals are aimed at improving tax administration and providing greater clarity to taxpayers, the ministry said in a statement yesterday.

A total of 12 changes have been proposed in the draft Property Tax (Amendment) Bill.

One proposal is to streamline reporting requirements of property owners by removing the obligation for them to inform the Inland Revenue Authority of Singapore of certain events, such as when a building is completed, rebuilt, enlarged, altered or improved.

Another proposal is to shorten the time for the tax authorities to recover outstanding property tax and refund excess property tax paid from six to five years.

This is in line with the term applying to income tax and goods and services tax.

The ministry also suggests that interest payable on the refund of excess funds pursuant to court orders be computed from the date of the order - similar to income tax matters.

At present, the Property Tax Act does not specify how interest in such matters is to be computed.

The public feedback exercise started yesterday and ends on June 25.

Consultation documents can be accessed at the ministry's website and the Reach consultation portal.

Source: Straits Times, 12 Jun 2010

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