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Formal Consolidation |  1993 RevEd
Notice of computation
8.  The Board may, in consultation with the Comptroller, carry out the recomputation referred to in regulation 5 and the self-employed person shall be notified in writing of the amount of his income for any relevant year, the amount of additional contributions payable or the amount paid in excess for that year.
Informal Consolidation | Amended S 13/2003
Application to reduce contributions
8.—(1)  This regulation shall apply to a self-employed person who during the relevant year was also employed as an employee and where contributions in respect of such employment have been made to the Board.
(2)  Any self-employed person to whom this regulation applies may apply in writing to the Board to reduce the amount of contributions he is liable to pay under these Regulations so that the aggregate amount of all contributions paid into his account (excluding contributions paid in respect of additional wages) for the relevant year does not exceed the maximum amount determined in accordance with paragraph (3).
(3)  The maximum amount referred to in paragraph (2) shall be —
(a)the maximum amount specified in the second column of the Schedule applicable to the applicant; or
[S 13/2003 wef 01/01/2003]
(b)a proportion of 12 times the maximum amount of contributions an employer is liable to pay in respect of the applicant’s ordinary wages for the month as prescribed in the First Schedule to the Act, the Schedule to the Central Provident Fund (Permanent Residents — Employees) Regulations (Rg 21), the First or Second Schedule to the Central Provident Fund (Government Employees) Regulations (Rg 23) or the Schedule to the Central Provident Fund (Approved Employees’ Scheme) Regulations (Rg 24), as the case may be,
whichever is the higher.
(4)  For the purposes of paragraph (3)(b), the proportion shall be —
(a)ascertained by reference to such proportion of the contributions the Minister has under section 13(4) of the Act directed the Board to pay into the medisave account of the applicant; and
(b)determined and computed in such manner as the Board may think fit.