Singapore legislation

Clause 24

of Income Tax (Amendment No. 3) Bill

Clause 24

Amendment of section 39

(1)

Section 39 of the principal Act is amended —

(a)

by deleting the words “maximum amount by which each account may be topped‑up in accordance with regulations made under the Central Provident Fund Act” in subsection (3)(a) and substituting the words “maximum relief amount prescribed by rules made under section 7”;

(b)

by deleting the words “maximum amount by which the account may be topped‑up in accordance with regulations made under the Central Provident Fund Act” in subsection (3A)(a) and substituting the words “maximum relief amount prescribed by rules made under section 7”; and

(c)

by inserting, immediately after subsection (3A), the following subsection:“(3B) The rules mentioned in subsections (3) and (3A) may prescribe different maximum relief amounts for different individuals or classes of individuals, and for the retirement account and the special account.”.

(2)

Subsection (1) has effect for the year of assessment 2017 and subsequent years of assessment.

Clause 24 — Income Tax (Amendment No. 3) Bill | laws.sg