INCOME TAX ORDINANCE (Addition of Federation of Malaya Rubber Exchange to First Schedule)

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 Malaya Rubber Exchange Singapore, be added to the First Schedule to the said Ordinance with effect from the 20th day of February, 1962.

Sir, the Federation Government has established a Rubber Exchange in the Federation through incorporation by an Act of Parliament and assented to by His Majesty the Yang di-Pertuan Agong on 20th February, 1962.

The Exchange is set up not to make a profit but to regulate and facilitate the activities of the rubber industry in the Federation.

The Malayan Board of Income Tax unanimously decided to recommend the inclusion of the Federation of Malaya Rubber Exchange in the First Schedule of the Income Tax Ordinance.

The motion now before the House is that the Federation of Malaya Rubber Exchange be added to the Schedule and thereby granted exemption from payment of income tax.

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 Federation of Malaya Rubber Exchange be added to the First Schedule to the said Ordinance with effect from the 20th day of February, 1962.