Section 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
B.L.R.O. 1/2024 93
(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.