On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
The closest version currently available is that of 16/12/2008.
19. Section 14 of the principal Act is amended —
(a)
by deleting the semi-colon at the end of subsection (1)(e) and substituting a colon, and by inserting immediately thereafter the following proviso:
“And provided that no deduction shall be allowed in respect of any contribution or part thereof to a pension or provident fund constituted outside Singapore made in respect of an employee, if the employee has been exempted from tax on such contribution or part thereof under section 13N;”;
(b)
by deleting the words “specified percentage of the total remuneration of his employees” in subsections (5) (7th and 8th lines) and (6) (6th and 7th lines) and substituting in each case the words “maximum allowable amount”;
(c)
by deleting the words “specified percentage” in the 1st and 2nd lines of subsection (6A) and substituting the words “maximum allowable amount in the basis period”;
(d)
by deleting the words “in the case of an employer who has” in subsection (6A)(a) and substituting the words “of the total remuneration of the employer’s employees in that basis period in a case where the employer has”;
(e)
by deleting paragraph (b) of subsection (6A) and substituting the following paragraph:
“(b)
in any other case, the amount determined in accordance with the formula in subsection (6B).”;
(f)
by deleting subsection (6B) and substituting the following subsections:
“(6B) For the purpose of subsection (6A)(b), the maximum allowable amount in any basis period shall be ascertained —
(a)
where the total amount of expenses incurred by the employer in providing qualifying insurance in that basis period is nil, in accordance with the formula
A + B, | |||
where | A | is the lower of — | |
(i) the total amount of medical expenses incurred by the employer for his employees in that basis period (excluding the total amount of general contributions made by the employer); and | |||
(ii) 1% of the total remuneration of his employees in that basis period; and | |||
B | is the lower of — | ||
(i) the total amount of general contributions made by the employer in that basis period; and | |||
(ii) the difference between 2% of the total remuneration of his employees in that basis period and A; and | |||
(b)
where the total amount of expenses incurred by the employer in providing qualifying insurance in that basis period is not nil, in accordance with the formula
C + D, | |||
where | C | is the lower of — | |
(i) the total amount of expenses incurred by the employer in providing riders for his employees in that basis period; and | |||
(ii) 1% of the total remuneration of his employees in that basis period; and | |||
D | is the lower of — | ||
(i) the total amount of medical expenses incurred by the employer for his employees in that basis period (excluding the total amount of expenses incurred by the employer in providing riders for his employees); and | |||
(ii) the difference between 2% of the total remuneration of his employees in that basis period and C. | |||
(6C) For the purpose of subsection (6B), a reference to expenses incurred by an employer in providing qualifying insurance excludes any reimbursement in cash by the employer of the employee for payment by the employee of premiums on such qualifying insurance.”;
(g)
by deleting the words “subsections (5) and (6)” in subsection (7) and substituting the words “subsections (5), (6) and (6B)”;
(h)
by inserting, immediately before the definition of “gross rate of pay” in subsection (8), the following definitions:
“ “co-payment” means the part of the amount of any claim, after deducting the deductible, which a person insured under the MediShield Scheme or an integrated medical insurance plan has to bear under the Scheme or plan;
“deductible” means the amount of any claim which a person insured under the MediShield Scheme or an integrated medical insurance plan has to bear before the insurer becomes liable to make payment under the Scheme or plan;
“general contribution” means any contribution falling within subsection (1)(f) which is not —
(a)
a contribution falling within subsection (6A)(a)(i); or
(b)
a sum paid by an employer to the medisave account maintained under the Central Provident Fund Act (Cap. 36) in respect of any of his employees as reimbursement of the employee for premiums paid or payable by the employee on a qualifying insurance;”;
(i)
by inserting, immediately after the definition of “gross rate of pay” in subsection (8), the following definition:
“ “integrated medical insurance plan” has the same meaning as in the regulations made under section 77(1)(k) of the Central Provident Fund Act (Cap. 36);”;
(j)
by inserting, immediately after the definition of “medical treatment” in subsection (8), the following definition:
“ “MediShield Scheme” means the MediShield Scheme established and maintained under section 53 of the Central Provident Fund Act;”;
(k)
by inserting, immediately after the definition of “part-time employee” in subsection (8), the following definition:
“ “qualifying insurance”, in relation to any basis period of an employer, means medical insurance under the MediShield Scheme or an integrated medical insurance plan that is provided by an employer to employees to cover the cost of medical treatment of —
(a)
at least 20% of the number of local employees who are employed by the employer as at the first day of the basis period; and
(b)
every local employee who commences his employment with the employer during the basis period,
for every calendar month or part thereof in the basis period that the employees are employed by the employer;”; and
(l)
by inserting, immediately after the definition of “remuneration” in subsection (8), the following definition:
“ “rider” means any insurance under which the insurer of the rider is liable to pay in full or in part the deductible or co-payment relating to the MediShield Scheme or an integrated medical insurance plan;”.