Clause 12

by deleting the words “and which is not deemed to be the income of the employee under section 10C(4), subject to a maximum deduction of $1,500” in subsection (1)(f) and substituting the words “subject to a maximum deduction of the amount in subsection (1A)”;

by deleting paragraph (fa) of subsection (1) and substituting the following paragraph:“(fa)any voluntary contribution in cash made in 2011 or any subsequent year by a person of a description prescribed by the Minister for the purposes of this paragraph, to the medisave account of a self-employed individual maintained under the Central Provident Fund Act, subject to a maximum deduction of the amount in subsection (1A) for that year for each individual:Provided that the amount of voluntary contribution does not exceed the amount allowable under the Central Provident Fund Act and is within the medisave contribution ceiling prevailing at the time the contribution is made;”; and

by inserting, immediately after subsection (1), the following subsection:“(1A) For the purposes of subsection (1)(f) and (fa), the maximum amount which may be deducted for contributions made in any year to the medisave account maintained under the Central Provident Fund Act of any individual is $1,500 less —

any deduction allowed under subsection (1)(f) for any previous contribution made by the same or another employer to that medisave account in that year; and

any deduction allowed under subsection (1)(fa) for any previous contribution made by the same or another person to that medisave account in that year.”.