Income Tax Act (Cap. 123), article 31E

31E. (1) Notwithstanding any ot her provision of the Income Tax Acts except for article 31B, this article shall apply, in s uch manner as may be prescribed, where any person who is an owner o f immovable property rents such property to another person for at least seven years under a scheme administered by the Housing Authority, and the said owner is registered with the Housing Authority for this purpose and complies with any conditions imposed by the Housing Authority. (2) The tax chargeable in the circumstances mentioned in sub- article (1) shall be at the rate of 5% of the gross rental inco me 138 CAP. 123.] INCOME TAX received. Such tax shall be final and not be available as a cre dit against the tax liability of the said person or refundable to h im in any way. Taxation of royalties on qualifying literary works. Added by: XVIII.2021.18. Amended by: XII.2023.22. Cap. 415.