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| Features of New SRS Scheme As of 1st April 2001 * You can make voluntary contributions from your earned income in the preceding year to an SRS account. * Contributions to SRS are tax-deductible. Every dollar of SRS contributed will reduce your chargeable income by the same amount. * Capital gains from your SRS investments can be accumulated tax-free, except for Singapore dividends received, which will be taxable at your individual tax rate. * Tax is only payable when you withdraw your savings from your SRS account. If you withdraw your savings upon reaching retirement age, only 50% of the savings withdrawn will be taxable. |
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