Income tax

The Income Tax (Deduction for Investment in a Venture Company or Venture Capital Company) Rules 2022 have been gazetted on 15 April 2022 and are deemed to have effect from year of assessment 2018.

Customs duties

The Customs Duties Order 2022 has been gazetted on 15 April 2022. It will come into operation on 1 June 2022 and the Customs Duties Order 2017 will be revoked.

Tax Corporate Governance Framework

The following documents have recently been published on the Inland Revenue Board’s official website:

• Tax Corporate Governance Framework dated 11 April 2022; and

• Guidelines to Tax Corporate Governance Framework.