No. S 231
Income Tax Act
Income Tax (Supplementary Retirement Scheme) (Amendment) Regulations 2005
1. These Regulations may be cited as the Income Tax (Supplementary Retirement Scheme) (Amendment) Regulations 2005 and shall be deemed to have come into operation on 1st January 2005.
2. Regulation 2 of the Income Tax (Supplementary Retirement Scheme) Regulations 2003 (G.N. No. S 30/2003) (referred to in these Regulations as the principal Regulations) is amended by deleting the definitions of “additional wages” and “ordinary wages”.
3. Regulation 8 of the principal Regulations is amended by inserting, immediately after paragraph (4), the following paragraph:
4. Regulation 9 of the principal Regulations is amended —
by deleting the words “unless he opts to have the Comptroller calculate his contribution cap” in paragraph (1);
by deleting paragraph (2); and
by deleting paragraphs (5) to (12) and substituting the following paragraphs:
“(5) For the purpose of paragraph (3), the relevant income base shall be $85,000.
(6) An SRS operator shall not compute the contribution cap for an SRS member using the contribution rate specified in paragraph (4)(b) unless the SRS member submits a declaration stating that he is not a citizen of Singapore or a Singapore permanent resident.
(7) Every SRS member shall submit such documents as may be required by the SRS operator for the purpose of computing his SRS contribution cap.”.
[R32.013.02570. V01; AG/LEG/SL/134/2002/5 Vol. 1]