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Amount of withdrawal under section 10L (4) of Act or of deemed withdrawal where deposits made or other investments purchased using SRS funds

Income Tax (Supplementary Retirement Scheme) Regulations 2003

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—(1) Where any excess contribution is made by an SRS member to his SRS account and he fails to make any withdrawal required under section 10L (4) and the sum standing in his SRS account includes deposits or other investments or both, the deposits and other investments (as the case may be) as at 31st December of the year in which the SRS member has been notified by the Comptroller of the excess contribution shall be valued as follows:(a)in the case of listed shares, warrants, loan stocks and bonds, the closing price of the investment as at that date;(b)in the case of listed shares, warrants, loan stocks and bonds that are suspended, the last traded price of the investment before that date;(c)in the case of unlisted share, the net asset value of the shares as at that date;(d)in the case of unit trusts, the published price or last available price as at that date;(e)in the case of fixed deposits with financial institutions maturing after that date, the principal amount of the fixed deposits;(f)in the case of deposits with financial institutions (other than fixed deposits), the principal amount of the deposit plus all interest accrued up to that date;(g)in the case of insurance products, the surrender value as at that date as determined by the insurance companies; and(h)in the case of any other investment, the market value of the investment as at that date.(2) Where any balance remaining in the SRS account of an SRS member which is deemed to be withdrawn under section 10L (6), (7) or (9) of the Act includes deposits made or other investments acquired using SRS funds or both, the deposits and other investments (as the case may be) shall be valued as follows:(a)in the case of listed shares, warrants, loan stocks and bonds, the closing price of the investment as at the date of the deemed withdrawal;(b)in the case of listed shares, warrants, loan stocks and bonds that are suspended, the last traded price of the investment before the date of the deemed withdrawal;(c)in the case of unlisted shares, the net asset value of the shares as at the date of the deemed withdrawal;(d)in the case of unit trusts, the published price or last available price as at the date of the deemed withdrawal;(e)in the case of fixed deposits with financial institutions maturing after the deemed withdrawal date, the principal amount of the fixed deposits;(f)in the case of deposits with financial institutions (other than fixed deposits), the principal amount of the deposit plus all interest accrued up to the date of the deemed withdrawal;(g)in the case of insurance products, the surrender value as at the date of the deemed withdrawal or the actual amount paid out (in the case of death), as determined by the insurance companies; and(h)in the case of any other investment, the market value of the investment as at the date of the deemed withdrawal.(3) Where any deposit or other investment referred to in paragraph (1) or (2) is in a foreign currency, the SRS operator shall reflect the value of the deposit or other investment in Singapore dollars using the exchange rate prevailing on the date the value of the deposit or other investment is required to be determined.(4) The SRS operator shall provide the value of deposits or other investments as determined under paragraphs (1), (2) and (3) to the Comptroller.(5) An SRS operator who fails to comply with paragraph (4) shall be guilty of an offence.(6) Where the Comptroller is satisfied that it is not possible for an SRS operator to provide the value of any deposit or other investment under paragraphs (1) and (2), the Comptroller may determine the value of such deposit or other investment using any other reasonable basis.

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