Clause 19

by inserting, immediately after sub-paragraph (vii) of paragraph (g), the following sub-paragraph:“(viii)no such deduction shall be allowed where the premiums for such insurance are paid with funds standing in his SRS account;”;

by deleting “20%” in the 8th line of paragraph (h) and substituting the words “36% or such other rate as may be prescribed”;

by deleting “$14,400” in the 10th line of paragraph (h) and substituting the words “$25,920 or such other amount as may be prescribed”;

by deleting “$14,400” wherever it appears in provisos (ii), (iii) and (iv) to paragraph (h) and substituting in each case the words “$25,920 or such other amount as may be prescribed”; and

by deleting the full-stop at the end of paragraph (n) and substituting a semi-colon, and by inserting immediately thereafter the following paragraph:“Deduction for contributions under Supplementary Retirement Scheme(o)has contributed to an SRS account with an SRS operator, there shall be allowed a deduction of the amount of such contributions up to the amount of the SRS contribution cap applicable to him as determined in accordance with regulations made under section 10L(11), except that no deduction shall be allowed if —

his SRS account is suspended as at 31st December of the year immediately preceding the year of assessment under regulations made under section 10L; or

the amount of such contribution is withdrawn from his SRS account within the year immediately preceding the year of assessment:Provided that where an SRS member derives income from a trade, business, profession or vocation or the exercise of an employment outside Singapore, the deduction shall not exceed the amount of income remitted to, transmitted or brought into Singapore from outside Singapore.”.