INCOME TAX ORDINANCE (Addition of Economic Development Board to First Schedule)

The Minister for Finance (Dr Goh Keng Swee): Sir, I beg to move the motion* standing in my name.

*The motion reads as follows:-

That this Assembly, pursuant to subsection (1) of section 106 of the Income Tax Ordinance (Chapter 166), resolves that the Economic Development Board, Singapore, be added to the First Schedule to the said Ordinance with effect from the 1st day of August, 1961.

Sir, an application has been received from the Economic Development Board for exemption from income tax under section 13 (1) (e) of the Income Tax Ordinance. This exemption is effected by inclusion of the Board in the First Schedule to the Ordinance. For this purpose, a resolution of this Assembly is necessary, in accordance with section 106 (1) of the Ordinance.

The Board is a non-profit making statutory body whose funds are wholly provided by the Singapore Government. Any surplus will be used to augment sums available for development.

Similar statutory bodies, such as the Singapore Harbour Board, the Singapore Telephone Board and the Housing and Development Board have all been included in the First Schedule. It is therefore consistent with past policy that the Economic Development Board be similarly included.

The Malayan Board of Income Tax have unanimously recommended approval of the Economic Development Board for inclusion in the First Schedule, and the Government accepts this recommendation.

Sir, I beg to move.

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 Economic Development Board, Singapore, he added to the First Schedule to the said Ordinance with effect from the 1st day of August, 1961.