Wednesday, 30 January 2008

WPQ 21 January 2008: Net Investment Income Formula

I filed this question because in the last Budget, the Government had announced that the formula of calculating Net Investment Income (NII) would be amended such that NII would include capital gains. The amendment was supposed to be implemented last year, but this has not been done. Now that we are almost at the next Budget, I wanted to get an update. So we'll just have to wait a while longer.

WPQ

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.

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