INCOME TAX ORDINANCE (First Schedule)

8.08 p.m.

The Parliamentary Secretary to the Minister for Finance (Mr Low Por Tuck): Mr Speaker, Sir, I beg to move,

That this Assembly, pursuant to subsection (1) of section 106 of the Income Tax Ordinance (Chapter 166), resolves that the National Theatre Trust of Singapore established by the National Theatre Trust Ordinance, 1960, be added to the First Schedule to the said Ordinance with effect from the 1st day of December, 1960.

Section 106 (1) of the Income Tax Ordinance gives power to the Legislative Assembly, by resolution, to add to, vary, or revoke, the whole or any part of any Schedule to the Ordinance. The First Schedule to the Ordinance specifies the institutions, authorities, persons or funds whose income is exempted from income tax under section 13 (1) (e) of the Ordinance.

An application has been received from the Secretary, National Theatre Trust, Singapore, seeking to include the Trust, established under the National Theatre Trust Ordinance, No. 61 of 1960, in the First Schedule to the Income Tax Ordinance and so exempting its income from income tax.

Section 6 of the National Theatre Trust Ordinance provides, inter alia, that the Trust may receive subscriptions and donations, interest and dividends, contributions from Government and from other persons and bodies, receipts from shows staged by the Trust, and profits arising therefrom. All moneys received or raised by the Trust are paid into the National Theatre Fund for the purposes of building and maintaining a National Theatre in Singapore as a permanent memorial of the attainment of self-government by the people of Singapore.

The Comptroller-General of Income Tax, Malaya, and the Malayan Board of Income Tax have recommended that the National Theatre Trust be included in the First Schedule to the Income Tax Ordinance with effect from the 1st day of December, 1960, and Government has accepted the recommendation of the Board.

Sir, I beg to move.

8.12 p.m.

[Mr Deputy Speaker (Mr G. Kandasamy) in the Chair]

Question put, and agreed to.

Resolved,

That this Assembly, pursuant to subsection (1) of section 106 of the Income Tax Ordinance (Chapter 166), resolves that the National Theatre Trust of Singapore established by the National Theatre Trust Ordinance, 1960, be added to the First Schedule to the said Ordinance with effect from the 1st day of December, 1960.