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).
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