REPUBLIC OF SINGAPORE
Published by Authority
|NO. 30]||Friday, November 22||[2002|
The following Act was passed by Parliament on 31st October 2002 and assented to by the President on 12th November 2002:—
Estate Duty (Amendment) Act 2002
(No. 32 of 2002)
S R NATHAN,
12th November 2002.
Date of Commencement: 18th November 2002
An Act to amend the Estate Duty Act (Chapter 96 of the 2001 Revised Edition).
Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:
2. Section 11 of the Estate Duty Act (referred to in this Act as the principal Act) is amended —
by inserting, immediately after the words “1st April 1982” in the 3rd line of subsection (1), the words “and before 1st January 2002”; and
by inserting, immediately after subsection (1), the following subsection:
3. The principal Act is amended by inserting, immediately after section 12, the following section:
—(1) No estate duty shall be payable in respect of any gift of any property passing on the death of a person to the Government or any institution of a public character within the meaning of section 37(9) of the Income Tax Act (Cap. 134) where the gift —
is made on or after 1st January 2002 but before the issue of a notice of assessment by the Commissioner under section 37;
is not any property which is deemed as property passing on the death of the person under section 7(1)(c); and
has been accepted by the Government or the institution of a public character, as the case may be,
and the value of the property passing on the death of the person shall be deemed not to include the value of the gift for the purpose of assessing the rate of estate duty.
(2) For the purpose of subsection (1), the value of any gift of any property passing on the death of a person shall be the market value of the gift at the time of the death of the person.”.
4. Section 13 of the principal Act is repealed and the following section substituted therefor: