11 April 2012

The Income Tax (Deduction for Resident Individual) (Prescribed Payment) Regulations 2012, published on 10 April 2012, are deemed to have come into operation on 20 December 2011.

The Regulations give definition to “prescribed payment” whereby payment  into a retirement account is a prescribed payment  for the purposes of section 39(3)(ii) or (3A) of the Act, if it is subject to the maximum  amount calculated in accordance with regulation 7(1)(a)(i) of the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations (Cap.  36, Rg 3).

Source: e-Gazette