Singapore’s Ministry of Finance has published the draft Income Tax (Amendment) Bill 2020 for public consultation up until 7 August 2020. As part of the draft Bill is a proposed 50 percent surcharge to be imposed for tax avoidance.

The proposed insertion of a new section 33A in the ITA provides that if Singapore's Comproller for Income Tax (CIT) imposes a liability to tax on a person for that year of assessment under section 33, or recomputes any gain, profit or loss of, any capital allowance allowed to, or any deductions for a donation made by, a person for that year of assessment with effect from YA2023, will see a surcharge e...