Income Tax (Supplementary Retirement Scheme) Regulations 2003

Effect on contribution cap upon SRS member becoming or ceasing to be citizen of Singapore or Singapore permanent resident

10.—(1) Where —

(a)	an SRS member ceases to be a citizen of Singapore or a Singapore permanent resident in the year in which he has made contributions to his SRS account; and
(b)	he makes a request in that year to his SRS operator to re-compute his SRS contribution cap for that year,

(2) Where —

(a)	an SRS member becomes a citizen of Singapore or a Singapore permanent resident in any year; and
(b)	in that year informs his SRS operator that he has become a citizen of Singapore or a Singapore permanent resident,

the SRS operator shall re-compute the contribution cap in accordance with regulation 9 on a pro-rata basis, taking into account the number of days the SRS member was, and was not, a citizen of Singapore or a Singapore permanent resident in that year, and shall refund to him any difference between his contribution made in that year and the re-computed contribution cap.

(3) Where —

(a)

an SRS member becomes a citizen of Singapore or a Singapore permanent resident in any year; and

(b)

in the following year informs his SRS operator that he —

(i)	has become a citizen of Singapore or a Singapore permanent resident; and
(ii)	intends to make, or to instruct or authorise his employer to make on his behalf, contributions to his SRS account in that following year, [S 521/2010 wef 15/09/2010]

the SRS operator shall at his request re-compute his SRS contribution cap for the year in which he becomes a citizen of Singapore or a Singapore permanent resident in accordance with regulation 9 on a pro-rata basis, taking into account the number of days he was, and was not, a citizen of Singapore or a Singapore permanent resident in that year.

(4) Where the contributions by an SRS member referred to in paragraph (3) to his SRS account in the year he becomes a citizen of Singapore or a Singapore permanent resident exceeds the re-computed SRS contribution cap, the difference shall be used to reduce the contribution cap for the following year.

(5) Where the contributions by an SRS member referred to in paragraph (3) to his SRS account in the year he becomes a citizen of Singapore or a Singapore permanent resident exceeds the total of the re-computed contribution cap for that year and the contribution cap for the following year, the difference between the amount contributed and the total of the 2 contribution caps shall be refunded by the SRS operator to the SRS member without penalty.

(6) Where a refund is made by an SRS operator under paragraph (5), the SRS operator shall comply with section 45E of the Act unless at the time of the refund the SRS member is a citizen of Singapore.

(7) Notwithstanding any re-computation under paragraph (3), the SRS contribution cap for purposes of section 39(2)(o) of the Act in relation to the year in which the SRS member becomes a citizen of Singapore or a Singapore permanent resident shall be the contribution cap computed as if he had not become a citizen of Singapore or a Singapore permanent resident in that year.

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