Payment and computation of contributions for relevant year starting on or after 1 January 2018
7.—(1) The contributions payable by a self-employed person for each relevant year starting on or after 1 January 2018 must be paid not later than —
(a)
where the self-employed person’s contributions are computed under paragraph (3)(a) — 30 days after the date of issue of the notice of computation for the relevant year;
(b)
where the self-employed person’s contributions are computed under paragraph (3)(b) — 30 days after the date of issue of the notice of contribution for the relevant year; or
(c)
in any particular case where the Board specifies an extended period of payment — the end of the extended period specified by the Board.
(2) The contributions mentioned in paragraph (1) may be paid in instalments, so long as the total amount of contributions is paid not later than the time of payment applicable to the contributions under paragraph (1).
(3) The contributions for a relevant year mentioned in paragraph (1) are to be computed on the basis of the self-employed person’s income stated —
(a)
where a notice of assessment is issued in respect of income derived or received by the self-employed person in the relevant year — in that notice of assessment; or
(b)
where the self-employed person is not required to furnish a return of income to the Comptroller under section 62 of the Income Tax Act for the relevant year — in a declaration by the self-employed person to the Board in the form and manner required by the Board.
[S 885/2019 wef 01/01/2020]
(4) Where a notice of assessment is issued to a self-employed person in respect of the income the self-employed person derived or received in a relevant year, a notice of computation must be issued to the self-employed person stating the amount of contributions payable by the self-employed person for the relevant year —
(a)
computed in accordance with paragraph (3)(a); or
(b)
if a recomputation mentioned in paragraph (6)(a) is carried out, recomputed in accordance with that paragraph.
(5) The Board must issue a notice of contribution to a self-employed person stating the amount of contributions payable by the self-employed person for a relevant year if —
(a)
the Board is satisfied that the self-employed person is liable to make a contribution for that relevant year, computed in accordance with paragraph (3)(b); or
(b)
a recomputation mentioned in paragraph (6)(b) is carried out.
(6) The Board may in its discretion recompute the amount of contributions payable by a self-employed person for a relevant year if the Board is satisfied that the self-employed person is liable to pay an amount other than the relevant amount specified in a notice of computation or notice of contribution (as the case may be) that was previously issued to the self-employed person, after taking into account —
(a)
any notice of assessment issued to the self-employed person, or notice of additional assessment or notice of revised assessment issued by the Comptroller under section 74 or 76 of the Income Tax Act, for the relevant year; or
(b)
any information and supporting documents that the Board may require, given by the self-employed person to the Board in the manner the Board requires.