Singapore legislation
Regulation 4
of Income Tax (Maximum Relief Amount for Payments to Retirement Account and Special Account) Rules 2018
Regulation 4
Specified amount for payment to retirement account
Subregulation 1
The specified amount mentioned in rule 3(1)(a)(i) and (2)(a)(i) is the lower of the following:
the amount of the payment mentioned in rule 3(1)(a)(i) or (2)(a)(i), as the case may be;
the amount by which the prevailing retirement sum at the time of the payment mentioned in rule 3(1)(a)(i) or (2)(a)(i) (as the case may be) exceeds the retirement sum that has been set aside by the member concerned immediately before that payment.
Subregulation 2
The specified amount mentioned in rule 3(1)(a)(ii) and (2)(a)(ii) is the sum total of the amount “X” for each of the payments mentioned in rule 3(1)(a)(ii) or (2)(a)(ii) (as the case may be), where X is the lower of the following:
the amount of the payment;
the amount by which the prevailing retirement sum at the time of the payment exceeds the retirement sum that has been set aside by the member concerned immediately before that payment.