Singapore’s Ministry of Finance is conducting a public consultation on amendments to the country’s property tax system which aim to improve tax administration or provide clarity for taxpayers.The draft Property Tax (Amendment) Bill 2010 provides for legislation on a total of twelve changes. The proposed changes, which have arisen from a periodic review of the property tax system, include the streamlining of reporting requirements for property owners. The requirement for property owners to inform the Inland Revenue Authority of Singapore of certain events (such as when a building is completed, rebuilt, enlarged, altered or improved) will be abolished. Full Story
