The proposed changes include strengthening the enforcement and information-gathering powers of tax officers.
The Ministry of Finance (MOF) is inviting the public to provide feedback on proposed changes to the Property Tax Act.
The three amendments aim to update legislation and improve tax administration, the ministry said in a statement on Thursday (4 May). These include:
– Providing clarity to taxpayers that machinery used for providing the setting / controlled environment for business or industrial processes to take place in the building or for storage of articles, will be assessed, together with the land or building on which it has been affixed, for property tax. If approved by Parliament, this change will take effect from 1 January 2018.
– Implementing an opt out approach for digital property tax notices, so that taxpayers can continue to receive hard copies while others will receive e-copies. This will take effect from the gazette date.
– Strengthening the enforcement and information-gathering powers of the Comptroller of Property Tax, the Chief Assessor and their authorised officers, as well as enhancing the penalties for failure to comply with a request of information made by them.
The public consultation will run until 19 May 2017. Interested parties can access the detailed consultation documents, including the draft bill, on www.mof.gov.sg.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
