The Ministry of Finance is proposing to make three changes to the Property Tax Act and members of the public are invited to provide feedback on them. Those who wish to provide feedback should do so before May 19.
Proposed Change 1
Under the existing Property Tax Act, property tax payers must specifically give their consent before opting out for digital notices; this means that tax payers receive hardcopies of their property tax notices by default. The proposed change is to now have tax payers who do not want to receive digital copies of their tax notices to personally opt out in order to continue receiving their tax notices in in the form of a hardcopy. The idea in having property tax notices issued digitally is to provide tax payers with a more convenient service, added security and timeliness in receiving their notices.
Proposed Change 2
In a bid to improve the efficiency of the Controller of Property Tax, the Chief Assessor and their officers in their information gathering work and investigation, a change has been proposed that the required persons that have been asked to provide information through an examination must show up in person to the abovementioned personnel. There will be more effective penalties put into place for those who fail to comply.
Proposed Change 3
The third proposed change is for the Act to explain more clearly that certain machinery used to facilitate in certain business or industrial processes or for use in storage is not free from taxes. These machinery/machineries will be assessed together with the property that it has been placed on. This third proposed change to the Property Tax Act will be effective from Jan 1 2018 once it has been approved by Parliament.
Submit your feedback regarding the proposed changes via the Ministry of Finance’s website at www.mof.gov.sg