INCOME TAX EXEMPTION

7.28 p.m.

Mr Byrne (for the Minister for Finance): 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 Civilian Victims of the Japanese Occupation Memorial Fund established for the purpose of constructing the Civilian Victims of the Japanese Occupation Memorial in Singapore, shall be reduced by the amount of any such contribution.

Sir, Members may recall having agreed to a motion to exempt from income tax contributions to the national monument in Kuala Lumpur sometime last year. The present motion is to seek Members' agreement to give similar exemption for contributions to the proposed memorial to the civilians of all races who died in Singapore at the hands of the Japanese Armed Forces during the Occupation.

Sir, Members are no doubt aware that the Government has agreed to grant a suitable piece of land for the erection of this memorial and to contribute on a dollar-for-dollar basis a sum equivalent to that raised by voluntary public contributions. The total cost of erecting this memorial is estimated at $750,000, and the Singapore Chamber of Commerce has undertaken to raise the necessary funds through a Committee consisting of leading members of the different races. The Chamber intends to hand over the money to the Government as soon as the target of $375,000 is achieved. Sir, this is a perfectly straightforward and simple matter. I am sure Members will agree that exemption should be given for contributions to this worthy cause.

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 Civilian Victims of the Japanese Occupation Memorial Fund established for the purpose of constructing the Civilian Victims of the Japanese Occupation Memorial in Singapore, shall be reduced by the amount of any such contribution.