Income Tax Act · s 55D

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55D.
Section 55B notice applies notwithstanding duty of secrecy under relevant laws
(1) This section applies where —
(a) the
Collector requires any information for the administration of this Act, other than for an investigation or a prosecution for an offence alleged or suspected to have been committed against this Act;
(b) the information is protected from unauthorised disclosure under any of the following laws (in this section referred to as the relevant laws) —
(i) section 58 of the Banking Order, 2006 (S 45/2006), including any regulations made for the purposes of subsection (10) of that section;
(ii) section 58 of the Islamic Banking Order, 2008
(S 96/2008), including any regulations made for the purposes of subsection (10) of that section;
(iii) section 18 of the International Banking Order, 2000
(S 53/2000);
(iv) section 35 of the Registered Agents and Trustees
Licensing Order, 2000 (S 54/2000); and
(c) the Collector issues a notice under section 55B(3) to a person to provide that information.

Income Tax
(2) Notwithstanding anything in section 55B(2), a person issued with a notice referred to in subsection (1)(c) is not excused from providing the information by reason only that the person is under a statutory obligation to observe secrecy under a relevant law, and that notice shall have effect notwithstanding the relevant law.
(3) A person who in good faith complies with a notice referred to in subsection (1)(c) shall not be treated as being in breach of the relevant law.
(4) No action for a breach of the relevant law shall lie against the person referred to in subsection (3) —
(a) for producing any document or providing any information if he had done so in good faith in compliance with a notice referred to in subsection (1)(c); or
(b) for doing or omitting to do any act if he had done or omitted to do the act in good faith and as a result of complying with such a notice.

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s 55DSection 55B notice applies notwithstanding duty of secrecy under relevant laws

(1)

This section applies where —

(a)

the

Collector requires any information for the administration of this Act, other than for an investigation or a prosecution for an offence alleged or suspected to have been committed against this Act;

(b)

the information is protected from unauthorised disclosure under any of the following laws (in this section referred to as the relevant laws) —

(i)

section 58 of the Banking Order, 2006 (S 45/2006), including any regulations made for the purposes of subsection (10) of that section;

(ii)

section 58 of the Islamic Banking Order, 2008

(S 96/2008), including any regulations made for the purposes of subsection (10) of that section;

(iii)

section 18 of the International Banking Order, 2000

(S 53/2000);

(iv)

section 35 of the Registered Agents and Trustees

Licensing Order, 2000 (S 54/2000); and

(c)

the Collector issues a notice under section 55B(3) to a person to provide that information.

Income Tax

(2)

Notwithstanding anything in section 55B(2), a person issued with a notice referred to in subsection (1)(c) is not excused from providing the information by reason only that the person is under a statutory obligation to observe secrecy under a relevant law, and that notice shall have effect notwithstanding the relevant law.

(3)

A person who in good faith complies with a notice referred to in subsection (1)(c) shall not be treated as being in breach of the relevant law.

(4)

No action for a breach of the relevant law shall lie against the person referred to in subsection (3) —

(a)

for producing any document or providing any information if he had done so in good faith in compliance with a notice referred to in subsection (1)(c); or

(b)

for doing or omitting to do any act if he had done or omitted to do the act in good faith and as a result of complying with such a notice.