SINGAPORE - The Ministry of Finance is inviting public feedback on three proposed changes to the Property Tax Act.
In one proposed change, the Act will be amended so that taxpayers who wish to continue receiving hardcopies of their property tax notices can opt out while others will receive electronic tax notices for greater convenience, security and timeliness. Currently, property tax payers must give their specific consent before they can opt for digital notices.
Another proposed change is aimed at enhancing the information gathering or investigate powers of the Comptroller of Property Tax, the Chief Assessor and their authorised officers. It will allow them to require persons to attend personally before them, or to be examined orally, so as to provide information. Penalties for failure to comply with a request for information will also be enhanced.
A third proposed change to the Act will clarify that certain machinery is not tax-exempt and will be assessed, together with the land or building on which it has been affixed. This applies to machinery used to provide the setting or controlled environment for business and industrial processes to take place, or those used for the storage of articles. If approved by Parliament, this change is to take effect from Jan 1 next year.
The public can access the detailed consultation documents, including the draft Property Tax (Amendment) Bill 2017, on the Ministry of Finance's website (www.mof.gov.sg) and the Reach consultation portal (www.reach.gov.sg).
Feedback should be submitted by May 19.