NET INVESTMENT INCOME FORMULA
8. Mr Siew Kum Hong: To ask the Minister for Finance if he will provide an update on the proposed Constitutional amendment to revise the Net Investment Income formula.
Mr Tharman Shanmugaratnam: Mr Siew Kum Hong asked for an update on the proposed Constitutional amendment to revise the Net Investment Income formula. The MOF staff have been studying this issue, and discussing their proposals with the President's office and the CPA. We are finalising the details, and will present a Constitutional Amendment Bill to Parliament this year after the Budget session. We aim for Parliament to debate and pass the Bill in time for the new rules to take effect for the FY2009 Budget.