Discovery of Tax Loophole of Non-bare Trusts

Debated in Parliament on 2 Aug 2022.

Summary written by AI (learn more)

Hazel Poa asked how and when the tax loophole of non-bare trusts was discovered.
Lawrence Wong responded that the issue was addressed during the Stamp Duties (Amendment) Bill 2022 Second Reading.
MOF identified the loophole during a periodic policy review and conducted a thorough study before proposing legislative amendments.
The discovery process involved examining complex trust arrangements set up for various reasons.
The government decided to move forward with amendments after completing its review and analysis.

Questions identified by AI (learn more)

Full Transcript

Hazel Poa

Ms Hazel Poa asked the Deputy Prime Minister and Minister for Finance (a) how was the tax loophole of non-bare trusts discovered; and (b) when was it discovered.

Lawrence Wong

This issue was addressed during the Second Reading of the Stamp Duties (Amendment) Bill 2022. As explained, trusts can be set up for different reasons and involve highly complex arrangements. MOF looked into this as part of our periodic policy review and did a thorough study into the issues before deciding to move on the legislative amendments.

Discovery of Tax Loophole of Non-bare Trusts

Debated in Parliament on 2 Aug 2022.

Summary written by AI (learn more)

Hazel Poa asked how and when the tax loophole of non-bare trusts was discovered.
Lawrence Wong responded that the issue was addressed during the Stamp Duties (Amendment) Bill 2022 Second Reading.
MOF identified the loophole during a periodic policy review and conducted a thorough study before proposing legislative amendments.
The discovery process involved examining complex trust arrangements set up for various reasons.
The government decided to move forward with amendments after completing its review and analysis.

Questions identified by AI (learn more)

Full Transcript

Hazel Poa

Ms Hazel Poa asked the Deputy Prime Minister and Minister for Finance (a) how was the tax loophole of non-bare trusts discovered; and (b) when was it discovered.

Lawrence Wong

Discovery of Tax Loophole of Non-bare Trusts | PAPERCUTS

Discovery of Tax Loophole of Non-bare Trusts

Summary

Questions Identified

Full Transcript

Hazel Poa

Lawrence Wong

Summary

Questions Identified

Discovery of Tax Loophole of Non-bare Trusts

Summary

Questions Identified

Full Transcript

Hazel Poa

Lawrence Wong

Summary

Questions Identified