Suggest a correction

Information to be provided by SRS operator following application made under regulation 14A

Income Tax (Supplementary Retirement Scheme) Regulations 2003

Match the official source exactly.

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) If the SRS operator does not approve an application by an SRS member who is a citizen of Singapore for a deduction of an investment from the balance in the member’s SRS account under regulation 14A(2), the SRS operator must inform the SRS member of that fact and the reason why the application was not approved.(2) If the SRS operator approves an application by an SRS member who is a citizen of Singapore for a deduction of an investment from the balance in the member’s SRS account under regulation 14A(2), the SRS operator must inform the SRS member of that fact, the date of approval of the application as determined under regulation 14A(5) and —(a)where the application was made in the circumstances referred to in regulation 14A(2)(a) —(i)the application receipt date; and(ii)the value of the investment as determined under regulation 14B(2) and (3), or regulation 14B(5), whichever may be applicable; or(b)where the application was made in the circumstances referred to in regulation 14A(2)(b) —(i)the date of the deemed withdrawal under section 10L(6), (7) or (9) of the Act, as the case may be; and(ii)the value of the investment as determined under regulation 14B(4).(3) If the SRS operator does not propose to approve an application by an SRS member who is not a citizen of Singapore for a deduction of an investment from the balance in the member’s SRS account under regulation 14A(2), the SRS operator must inform the SRS member of that fact and the reason why the application will not be approved.(4) If the SRS operator proposes to approve an application by an SRS member who is not a citizen of Singapore for a deduction of an investment from the balance in the member’s SRS account under regulation 14A(2), the SRS operator must, before the SRS operator approves the application, inform the SRS member of the following:(a)that it proposes to approve the application;(b)that the application will only be approved by the SRS operator after the SRS operator has collected tax from the SRS member in accordance with section 45EA of the Act; and(c)either —(i)where the application was made in the circumstances referred to in regulation 14A(2)(a) —(A)the application receipt date; and(B)the value of the investment as determined under regulation 14B(2) and (3), or regulation 14B(5), whichever may be applicable; or(ii)where the application was made in the circumstances referred to in regulation 14A(2)(b) —(A)the date of the deemed withdrawal under section 10L(6), (7) or (9) of the Act, as the case may be; and(B)the value of the investment as determined under regulation 14B(4).(5) If the SRS operator approves an SRS member’s application for a deduction of an investment under regulation 14A(2), the SRS operator must also provide such information to any financial product provider as may be agreed between them as will enable the financial product provider to exclude the investment for the purpose of complying with regulation 12(1).(6) An SRS operator who fails to comply with paragraph (1), (2), (3), (4) or (5) shall be guilty of an offence.

What's the problem? (required)

Source link (optional)

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously. No account or personal information is required or sent.