Singapore legislation
Regulation 16
of Income Tax (Supplementary Retirement Scheme) Regulations 2003
Regulation 16
Computation of income deemed to accrue from excess contribution
For the purpose of section 10L(4)(a) of the Act, any excess contribution made by an SRS member shall be compounded at 5% yearly from 1st January of the year following the year in which the excess contribution was made by the SRS member, to the last day of the month before the month in which the SRS member was notified by the Comptroller of the excess contribution.