ESTATE DUTY (AMENDMENT) BILL

Order for Second Reading read,

4.25 p.m.

The Minister for Finance (Mr Hon Sui Sen): Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

Honourable Members of the House are aware that Government has given several fiscal concessions to help develop Singapore as a financial centre and promote the Asian Dollar Market. In my last annual Budget Statement, I announced more concessions to the same purpose. The concessions relating to estate duty are, first, that non-resident deposits with Asian Currency Units and approved Asian Dollar Bonds held by non-residents will be exempt from Singapore estate duty with effect from 1st January, 1976, and, secondly, that Singapore Government tax-free bonds. held by non-residents, will also be exempt from Singapore estate duty from the same date.

The Bill seeks to amend the Estate Duty Act by inserting a new section 1OA to provide for these two concessions.

Sir, I beg to move.

Question put, and agreed to.

Bill accordingly read a Second time and committed to a Committee of the whole House.

The House immediately resolved itself into a Committee on the Bill. -[Mr Hon Sui Sen].

Bill considered in Committee; reported without amendment; read a Third time and passed.