Page:Agreement relating to Malaysia (1963).djvu/233



Section 13(2)

The power of the Minister to provide that interest on any loan charged on the public revenue of Singapore or the Federation shall be exempt from tax.

Section 106(1)


 * (1) The power to vary or revoke the whole or any part of any schedule to the Ordinance.


 * (2) The power to exempt any person or class of persons from all or any of the provisions of the Ordinance.

Section 7 The powers of the Malayan Board of Income Tax as at 4th June, 1963, to be retained with the deletion of subsection (3).

Section 19(2) The Comptroller's powers to vary the rate of capital allowances prescribed for machinery and plant should be transferred to the Comptroller-General

Certificates granted by Singapore to be subject to approval of the Federal Minister of Finance.

Section 5 Orders made by Singapore to be subject to approval of the Federal Minister of Finance. Income Tax Bills The powers conferred on the Minister or the Comptroller by any Income Tax Bills introduced between the 1st June, 1963, and the date of formal acceptance of the Heads of Terms of Agreement and enacted prior to Malaysia Day.

Between the date of formal acceptance of the Heads of Terms of Agreement and Malaysia Day the Singapore Government should not introduce any new legislation with respect to matters the subject of that Agreement.

Section 4(2)

The Income Tax Department of Singapore shall be subject to detailed inspection by the Comptroller-General in accordance with the existing provisions of Section 4(2) which require the Comptroller and his officers to be subject to the supervision and direction of the Comptroller-General.

The right of the Federal Minister responsible for Income Tax to issue directions to the State Governments which he considers necessary to ensure the effective collection or protection of Income Tax shall be recognised.