Taxman will be allowed to get taxpayers' company information without obtaining consent

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The taxman will soon be able to share information about companies with other government agencies, sometimes without getting the consent of the taxpayers. Changes to the Income Tax Act passed by Parliament on Monday will allow government agencies to share data on companies...

The list of company-related information will be laid out in the Income Tax Act and Goods and Services Tax Act.He said:"Information in a prescribed list will be provided in a less granular form. For instance, the company's sales revenue will be shared in ranges rather than the exact value."

These rules spell out when data can be shared across agencies, and limit access to data to only authorised officers. Other changes to the law on Monday involved the personal income tax rate for top earners, which will be increased from the year of assessment 2024. The personal income tax rates for certain types of incomes by non-tax resident individuals that are pegged to the top marginal tax rate of tax resident individuals will also be revised to 24 per cent.

Mr Jamus Lim from the Workers' Party suggested that tax surpluses be given to people in the form of rebates.

 

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