Amendments to the Income Tax Act, the Income Tax Management Act and the Duty on Documents and Transfers Act
The Budget Measures Implementation Act (Act VII of 2018) was enacted on 29/3/2018. Parts III and VIII deal with amendments to the ITA and ITMA respectively, while Part VI deals with amendments to the Duty on Documents and Transfers Act.
With respect to the coming into force of the amendments to the ITA, it is to be noted that article 13 of Act VII was published incorrectly and this in the process of being amended. The correct article 13 is reproduced below:
13 Amendments to the Income Tax Act
(1) This part amends the Income Tax Act, and shall be read and construed as one with the Income Tax Act, Cap 123, hereinafter referred to as "the principal Act".
(2) The provisions of this part shall be deemed to have come into force as follows:
(a) article 17(a) as from year of assessment 2015
(b) articles 18(a), 20 and 23(c) as from year of assessment 2017
(c) article 16(b)(iii) as from 1/1/2017
(d) articles 15, 19, 21, 22 and 23 (a)&(d) as from year of assessment 2019
(e) article 26 as from year of assessment 2018.