INCOME TAX ACT (FIRST SCHEDULE)

5.09 p.m.

The Minister for Finance (Mr Hon Sui Sen): Mr Speaker, Sir, I beg to move the motion* standing in my name as it appears on the Order Paper.

• The motion reads as follows:

`That this Parliament, pursuant to subsection (1) of section 106 of the Income Tax Act (Chapter 141), resolves that the First Schedule to the said Act be varied by inserting immediately after item 35 of paragraph A thereof the following statutory authorities, with effect from the date of the coming into operation of the Statutes of the Republic of Singapore (Miscellaneous Amendments) (No. 4) Act, 1973: - 36. Monetary Authority of Singapore (Cap.195). 37. Timber Export Industry (Cap.203). 38. Jurong Town Corporation (Cap.209). 39. Land Surveyors Board (Cap.216). 40. Professional Engineers Board (Cap.225). 41. Preservation of Monuments Board (Cap.315). 42. Science Centre Board (Cap.317). 43. National Statistical (No. 27 of 1971). 44. Telecommunication Authority of Singapore (No. 2 of 1972). 45. National Productivity Board (No. 11 of 1972). 46. Commercial and Industrial Security Corporation (No. 18 of 1972). 47. National Maritime Board (No. 21 of 1972). 48. Sentosa Development Corporation (Cap.22 of 1972). 49. Industrial Training Board (Cap.36 of 1972).

Sir, in recent years a number of statutory bodies have included in their Statutes provisions to exempt them from income tax. The Statutes of the Republic of Singapore (Miscellaneous Amendments) (No. 4) Bill, 1973, just passed, has removed such provisions from the various Statutes of statutory bodies. The intention of my resolution is that these statutory bodies affected will continue to be exempted from income tax, hut the exemption will now be centralised under the First Schedule to the Income Tax Act.

The opportunity is also taken to include five other statutory bodies, namely, the Timber Export Industry Board, the Land Surveyors Board, the Professional Engineers Board, the Commercial and Industrial Security Corporation and the Industrial Training Board, which have no income tax exemption provisions in their Statutes but which in accordance with the current policy should enjoy equal treatment with the other statutory bodies.

Mr Speaker, Sir, I beg to move.

Question put, and agreed to.

Resolved,

That this Parliament, pursuant to sub section (1) of section 106 of the Income Tax Act (Chapter 141), resolves that the First Schedule to the said Act be varied by inserting immediately after item 35 of paragraph A thereof the following statutory authorities, with effect from the date of the coming into operation of the Statutes of the Republic of Singapore (Miscellaneous Amendments) (No. 4) Act, 1973:-

36. Monetary Authority of Singapore (Cap. 195).

37. Timber Export industry Board (Cap. 203).

38. Jurong Town Corporation (Cap. 209).

39. Land Surveyors Board (Cap. 216).

40. Professional Engineers Board (Cap. 225).

41. Preservation of Monuments Board (Cap. 315).

42. Science Centre Board (Cap. 317).

43. National Statistical Commission (No. 27 of 1971).

44. Telecommunication Authority of Singapore (No. 2 of 1972).

45. National Productivity Board (No. 11 of 1972).

46. Commercial and industrial Security Corporation (No. 18 of 1972).

47. National Maritime Board (No. 21 of 1972).

48. Sentosa Development Corporation (No. 22 of 1972).

49. Industrial Training Board (No. 36 of 1972).