Singapore legislation
Regulation 3
of Income Tax (Maximum Relief Amount for Payments to Retirement Account and Special Account) Rules 2018
Regulation 3
Maximum relief amount
Subregulation 1
For the purposes of allowing a deduction to a claimant for the year of assessment 2017 or a subsequent year of assessment up to and including the year of assessment 2022 under section 39(3) of the Act, the maximum relief amount is an amount calculated using the formula A + B, where —
A is the specified amount in —
rule 4(1), if the claimant made only one payment to the retirement account of a related member in the preceding year; or
rule 4(2), if the claimant made more than one payment to the retirement account or accounts of one or more related members in the preceding year; and
B is the specified amount in —
rule 5(1), if the claimant made only one payment to the special account of a related member in the preceding year; or
rule 5(2), if the claimant made more than one payment to the special account or accounts of one or more related members in the preceding year.
Subregulation 2
For the purposes of allowing a deduction to a claimant for the year of assessment 2017 or a subsequent year of assessment up to and including the year of assessment 2022 under section 39(3A) of the Act, the maximum relief amount is an amount calculated using the formula C + D, where —
C is the specified amount in —
rule 4(1), if only one payment under section 39(3A) is made to the claimant’s retirement account in the preceding year; or
rule 4(2), if more than one payment under section 39(3A) is made to the claimant’s retirement account in the preceding year; and
D is the specified amount in —
rule 5(1), if only one payment under section 39(3A) is made to the claimant’s special account in the preceding year; or
rule 5(2), if more than one payment under section 39(3A) is made to the claimant’s special account in the preceding year.