On 21/05/2013,
you requested for the version in force on 21/05/2013
incorporating all amendments published on or before 21/05/2013.
The closest version currently available is that of 01/01/2008.
45E.
—(1) Subject to subsection (2), section 45 shall apply in relation to —
(a)
any withdrawal made —
(i)
under section 10L or after the balance (excluding any life annuity) remaining in the SRS account is deemed withdrawn under section 10L(6) or (7) by an SRS member who is not a citizen of Singapore from his SRS account; or
(ii)
after the sum standing in the SRS account is deemed withdrawn under section 10L(9) by the legal personal representative of a deceased SRS member who is not a citizen of Singapore from the SRS account,
as that section applies to any interest paid by a person to another person not known to him to be resident in Singapore and, for the purpose of such application, any reference in that section to interest shall be construed as a reference to such withdrawal from the SRS account; and
(b)
any payment of any penalty under section 10L(2) which is imposed on any SRS member and paid by an SRS operator to the Comptroller as that section applies to any interest paid by a person to another person not known to him to be resident in Singapore and, for the purposes of such application, any reference in that section to interest payable shall be construed as a reference to the penalty so payable by the SRS operator to the Comptroller.
[24/2001]
(2) For the purpose of subsection (1)(a), where a withdrawal is made —
(a)
under section 10L(3) or (8) or after the balance (excluding any life annuity) remaining in the SRS account is deemed withdrawn under section 10L(6) or (7) by an SRS member; or
(b)
after the sum standing in the SRS account is deemed withdrawn under section 10L(9),
section 45 shall apply only in relation to 50% of the amount withdrawn from the SRS account.
[24/2001]
(3) For the purposes of this section, the amount to be deducted under section 45 in respect of withdrawals from the SRS account of an SRS member —
(a)
under subsection (1)(a), shall be the amount computed based on the rate specified in section 43(1)(b); and
(b)
under subsection (1)(b), shall be the total penalty deducted by the SRS operator from the amount so withdrawn from the SRS account.
[24/2001]
(4) Subject to subsection (5), this section shall not apply to any withdrawal by an SRS member who is not a citizen of Singapore if the amount of withdrawal from his SRS account in any year does not exceed the amount of contribution to his SRS account in that year.
[24/2001; 37/2002]
(5) Where a deduction for SRS contributions has been allowed in any year to an SRS member who is not a citizen of Singapore under an assessment made under section 73(1)(b) and within that year the SRS member applies to withdraw an amount up to the amount he has contributed in that year, the SRS operator shall release the amount applied to the SRS member after deducting tax at the rate specified in section 43(1)(b) on every dollar withdrawn.
[37/2002]