22. Section 39 of the principal Act is amended —
by deleting “33%” in the 8th line of subsection (2)(h) and substituting “34 1/2%”;
by deleting “$25,245” wherever it appears in subsection (2)(h) and substituting in each case “$26,393”;
by deleting subsection (3) and substituting the following subsection:
“(3) In the case of an individual resident in Singapore in the year of assessment who is a citizen or permanent resident of Singapore and who, in the year preceding the year of assessment, has paid money in accordance with section 18 of the Central Provident Fund Act (Cap. 36) to his, his spouse’s, his sibling’s, his parent’s or his grandparent’s retirement account, there shall be allowed a deduction of the amount of such payment or $7,000, whichever is the less; except that no payment made to his spouse’s or his sibling’s retirement account shall be allowed as a deduction if the income of that spouse or sibling exceeds $2,000 in the year preceding the year of payment.”;
by inserting, immediately after the words “his spouse’s,” in subsection (4), the words “his sibling’s,”; and
by inserting, immediately after the words “the same spouse,” in subsection (4), the word “sibling,”.