CTIM Memorandum on 2014 Budget Proposals (Summary)

Please be informed that the Institute has prepared and submitted a Memorandum on 2014 Budget Proposals (Summary) to the Ministry of Finance on 7 June 2013.

The Institute has made, inter alia, the following proposals in the Memorandum on 2014 Budget Proposals:-

1. Reduce revenue leakage on rental paid to foreign landlords;

2. Impose business exit tax for businesses moving out of the country;

3. Facilitate tax compliance by allowing a deduction for compliance tax fee paid to an approved tax agent, simplifying tax compliance processes, removing onerous laws, etc.;

4. Review the penalty provisions;

5. Improve transparency and clarity in laws and regulations by ensuring the timely availability of legislative framework for new measures, and judgement of decided tax cases;

6. Ensure strict application of decision by the Courts, and non-retrospective application of laws, rulings and guidelines, etc.;

7. Enhance the growth of the services industry by allowing IBA for office buildings and renovations costs;

8. Allow course fees for more professional examinations to be deductible under S46(1)(f); and

9. Improve the public consultation process.

Members may view the CTIM Memorandum on 2014 Budget Proposals (Summary) at the Institute’s website.