ACCOUNTANTS (AMENDMENT) BILL

Order for Second Reading read. 3.29 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."

Under the existing provisions in section 9 (1) of the Accountants Act (Cap. 212), the Minister is empowered to appoint a representative each from the University of Singapore and Nanyang University to be members of the Council of the Singapore Society of Accountants. Following the establishment of the National University of Singapore, it is necessary to amend section 9(1) of the Act for the National University of Singapore to be represented on the Council, instead of the University of Singapore and Nanyang University.

The Bill also seeks to delete section 50 of the Act which gives the Society the status of an institution of a public character. Since the membership of the Society is confined to a particular group of people and their activities cannot be regarded as charitable and beneficial to the community as a whole, the Society does not satisfy the criteria laid down for the grant of such a status. In 1973, when the Statutes of the Republic of Singapore (Miscellaneous Amendments) (No. 4) Act was passed to delete all references to fiscal exemption in various statutes, the necessary amendment to the Accountants Act was overlooked at that time. Tax exemptions are now given only under the provisions of the principal Acts, like the Income Tax Act or the Stamp Duties Act.

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.