NATIONAL MONUMENT FUND (Motion)

The Minister for Finance (Dr Goh Keng Swee): Mr Speaker, Sir, I beg to move,

That this Assembly resolves, in accordance with the provisions of subsection (2) of section 106 of the Income Tax Ordinance (Chapter 166), that notwithstanding the provisions of section 37 of the said Ordinance the assessable income of persons contributing to the National Monument Fund established for the purpose of constructing the National Monument in Kuala Lumpur, shall be reduced by the amount of any such contribution.

Sir, I think Members are aware that contributions to useful and notable causes can be exempted from income tax, and every so often motions to this effect are put to the Assembly for their approval. This motion asking that exemption in respect of income tax may be granted to contributions to the National Monument Fund comes at a very apt moment when we have completed our deliberations on such weighty matters as merger, Malaysia and the referendum.

Sir, this is a perfectly straightforward and simple matter. Where exemptions are asked from the Assembly, it is the general practice for both the Federal Parliament and the Singapore Assembly to agree to the same resolutions. For instance, last year on 7th August, the Federal Parliament by resolution exempted contributions in respect of our National Theatre Fund -

Mr David Marshall (Anson): Hear, hear!

Dr Goh Keng Swee: - and in agreeing to exemptions for contributions to the National Monument in Kuala Lumpur, we are merely reciprocating the sentiments held in the Federation on matters of national importance.

Sir, I beg to move.

Question put, and agreed to.

Resolved,

That this Assembly resolves, in accordance with the provisions of subsection (2) of section 106 of the Income Tax Ordinance (Chapter 166), that notwithstanding the provisions of section 37 of the said Ordinance the assessable income of persons contributing to the National Monument Fund established for the purpose if constructing the National Monument in Kuala Lumpur, shall be reduced by the amount of any such contribution.

2.37 p.m.