Singapore legislation
Regulation 2A
of Income Tax (Relief and Deduction under Section 39) Rules 2021
Regulation 2A
Prescribed transitional amount
Subregulation 1
For each year of assessment 2026, 2027, 2028 and 2029, the prescribed transitional amount in respect of an individual for the purposes of section 39(2)(hb) of the Act is an amount computed in accordance with the formula (A – B) × C, where —
A is the percentage of APE that would apply in computing the contributions for December 2029 payable by a platform operator for a Group A worker under paragraph 18 of the Fourth Schedule to the Central Provident Fund Act 1953 if —
the Group A worker’s APE for that month were taken to exceed $750; and
the Group A worker’s age for the purposes of computing the contributions for December 2029 were taken to be the individual’s age for the purposes of computing B for December of the year immediately preceding that year of assessment;
B is the percentage of APE that would apply in computing the contributions for December of the year immediately preceding that year of assessment payable by a platform operator for a Group A worker under the Fourth Schedule to the Central Provident Fund Act 1953 if —
the Group A worker’s APE for that month were taken to exceed $750; and
the Group A worker were taken to be born on the same day as the individual; and
C is the total of the individual’s APE as a Group A worker for each calendar month in the year immediately preceding that year of assessment.
Subregulation 2
In this rule, a reference to a Group A worker’s APE for a month is a reference to the Group A worker’s aggregate platform earnings for that month, within the meaning of the Fourth Schedule to the Central Provident Fund Act 1953.