On 22/05/2013,
you requested for the version in force on 22/05/2013
incorporating all amendments published on or before 22/05/2013.
The closest version currently available is that of 16/12/2008.
35. Section 39 of the principal Act is amended —
(a)
by inserting, immediately after “$3,500” wherever it appears in subsection (2)(e), the words “(if the year of assessment is 2008), or $5,500 (if the year of assessment is 2009 or a subsequent year of assessment)”;
(b)
by deleting the words “or professional” in the 2nd line of subsection (2)(k) and substituting the words “, professional or vocational”;
(c)
by deleting the words “subject to a maximum deduction of $3,500” in subsections (2)(k) (8th and 9th lines) and (12) (11th line) and substituting in each case the words “subject to subsection (12B)”;
(d)
by inserting, immediately after the words “has been allowed under” in the last line of subsection (2)(k), the words “subsection (12A) or”;
(e)
by inserting, immediately after the word “contributed” in the 1st line of subsection (2)(o), the words “by himself or by his employer on his behalf”;
(f)
by deleting the full-stop at the end of paragraph (p) of subsection (2) and substituting a semi-colon, and by inserting immediately thereafter the following paragraph:
“Deduction for voluntary contribution to medisave account
(q)
has made a voluntary contribution to the Central Provident Fund up to the amount allowable under the Central Provident Fund Act (Cap. 36) and has directed an amount of such contribution that is within the medisave contribution ceiling prevailing at the time when the contribution was made, to be paid to his medisave account maintained under the Central Provident Fund Act (referred to in this paragraph as relevant contribution), there shall be allowed a deduction of the amount equal to
A – B, |
where | A | is the amount of relevant contribution; and |
B | is the amount of relevant contribution that is allowed a deduction under paragraph (h).”. |
(g)
by deleting the words “his, his spouse’s, his sibling’s, his parent’s or his grandparent’s retirement account” in the 5th and 6th lines of subsection (3) and substituting the words “his spouse’s, his sibling’s, his parent’s or his grandparent’s retirement account or special account”;
(h)
by inserting, immediately after the words “retirement account” in the 8th line of subsection (3), the words “or special account”;
(i)
by inserting, immediately after subsection (3), the following subsection:
“(3A) 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 or whose employer on his behalf, in the year preceding the year of assessment, has paid money to his retirement account or special account in accordance with section 18 of the Central Provident Fund Act (Cap. 36), there shall be allowed a deduction of the amount of such payment or $7,000, whichever is the less.”.
(j)
by deleting the words “his, his spouse’s, his sibling’s, his parent’s and his grandparent’s retirement accounts” in subsection (4) and substituting the words “his spouse’s, his sibling’s, his parent’s and his grandparent’s retirement accounts or special accounts”;
(k)
by deleting the words “subsection (3)” in subsection (5) and substituting the words “subsections (3) and (3A)”;
(l)
by deleting the words “subsection (2)(k)” in the 5th line of subsection (12) and substituting the words “subsections (2)(k) and (12A)”;
(m)
by inserting, immediately after subsection (12), the following subsections:
“(12A) Where an individual has incurred in any year an amount on the fees (including examination, tuition and registration fees) of any course of study completed on or after 1st January 2008 or any seminar or conference attended on or after 1st January 2008 for the purpose of gaining an approved academic, professional or vocational qualification, there shall be allowed to him on due claim a deduction in respect of those fees in a year of assessment subsequent to the year in which the fees were incurred, being —
(a)
the first such year of assessment in which the assessable income of the individual exceeds $22,000; or
(b)
the second subsequent year of assessment from the year of assessment relating to the year in which he completed the course or attended the seminar or conference for which the fees were incurred,
whichever is the earlier, subject to subsection (12B) and the following conditions:
(i)
the individual is resident in Singapore in the year of assessment for which he makes the claim; and
(ii)
no deduction of such amount has been allowed under subsection (2)(k) or section 14.
(12B) The total amount of deduction in respect of fees allowed to an individual for any year of assessment in respect of one or more courses of study, seminars or conferences under subsections (2)(k), (12) and (12A) shall not exceed $3,500.”; and
(n)
by inserting, immediately after the definition of “approved” in subsection (13), the following definition:
“ “medisave contribution ceiling”, in relation to an individual, means the maximum amount directed by the Minister under section 13(6) of the Central Provident Fund Act;”.