17.—(1) Without prejudice to regulations 4, 5, 6, 8 and 15, a self- employed person may at any time contribute voluntarily to the Fund a sum additional to that payable by him under these Regulations.
(2) The maximum amount which a person may contribute voluntarily under paragraph (1) shall not exceed $26,393 in any relevant year.
(3) For the purpose of computing the maximum amount referred to in paragraph (2) in any relevant year —
(a)
the following amounts shall be included:
(i)
the amount contributed by the person which is obligatory under these Regulations;
(ii)
subject to sub-paragraph (b)(i), in the case of a self-employed person who during the relevant year was also an employee —
(A)
the amount contributed by the person which is obligatory under the Act; and
(B)
any voluntary contribution paid by him or his employer under section 7(4)(c) of the Act in that year; and
(iii)
subject to paragraphs (4) and (4A), any amount paid in that year by the person’s spouse or sibling into the person’s special account under section 18(3)(b) of the Act; and
[S 745/2007 wef 01/01/2008]
(b)
the following amounts shall be excluded:
(i)
in the case of a self-employed person who during the relevant year was also an employee —
(A)
any contribution made in that year under sections 73 and 79 of the Act; and
(B)
any amount of additional medisave contributions made in that year up to $1,500;
(ii)
any contribution made in that year by the person or any other person under section 27B, 27C, 27D, 27E or 27F of the Act or under any regulations referred to in section 27G or 27H of the Act ; and
(iii)
any amount paid in that year by the person into the special account of his spouse or sibling under section 18(3)(b) of the Act.
[S 745/2007 wef 01/01/2008]
[S 506/2007 wef 01/10/2007]
(4) Where, in any year, the total of the amounts under paragraph (3)(a)(i) and (ii) to be included for the purpose of computing the maximum amount referred to in paragraph (2) exceeds that maximum amount —
(a)
the amount referred to in paragraph (3)(a)(iii) shall not be included for that purpose; and
(b)
the Board may refund the whole or any part of the amount referred to in paragraph (3)(a)(iii) to the person or persons who contributed to that amount, in the proportion in which each such person contributed to that amount.
[S 745/2007 wef 01/01/2008]
(4A) Where, in any year, the total of the amounts under paragraph (3)(a)(i) and (ii) to be included for the purpose of computing the maximum amount referred to in paragraph (2) does not exceed that maximum amount, but the total of the amounts under paragraph (3)(a)(i), (ii) and (iii) exceeds that maximum amount —
(a)
there shall be included for that purpose only such part of the amount referred to in paragraph (3)(a)(iii) which is equal in quantum to the difference between that maximum amount and the total of the amounts referred to in paragraph (3)(a)(i) and (ii); and
(b)
the Board may refund the whole or any part of the remainder of the amount referred to in paragraph (3)(a)(iii) to the person or persons who contributed to that amount, in the proportion in which each such person contributed to that amount.
[S 745/2007 wef 01/01/2008]
(5) Where the Board is satisfied that —
(a)
the amount of voluntary contributions which have been paid into a self-employed person’s account in a relevant year exceeds the maximum amount specified in paragraph (2); or
(b)
the amount of additional medisave contributions which have been paid by his employer in a relevant year exceeds $1,500,
the Board may refund the excess contributions to the self-employed person or to his employer, as the case may be.
(6) The Board may require the self-employed person or his employer to furnish to the Board such information as may be necessary for the purposes of determining whether any refund is payable under paragraph (5).
(7) The Board may retain the whole or any part of the excess contributions to be used to set off against any contribution or interest thereon which is due or may become due to the Board.
(8) In this regulation, “additional medisave contributions” means the contributions paid by an employer under section 7(4)(c) of the Act specifically for the purposes of the medisave account of his employee.