11 April 2012
The Income Tax (Exemption of Voluntary Cash Contribution)(Prescribed Person) Regulations 2012, published on 10 April 2012, shall be deemed to have come into operation on 1 January 2011.
The Regulations give definition to a “prescribed person” ie:
A person is one whose voluntary contribution in cash to the medisave account maintained under the Central Provident Fund Act (Cap. 36) of a self-employed individual is exempt from tax under section 13(1)(jc) of the Act if it is a company which has a contract (not being a contract of service) with the individual in force at the time of making the contribution which provides for —
(a) the lease or licence of any asset (other than money) by the company to the individual to enable the individual to carry on his trade, business, profession or vocation; or
(b) the provision of services by the individual to the company, where the individual and the company are carrying on the same trade, business, profession or vocation.
You must be logged in to post a comment.