CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
(i) as consideration for any agreement referred to in paragraph
(b)(i) to pay an annuity, or
(ii) as a contribution referred to in paragraph (b)(ii) for the purpose
stated in that sub-paragraph;
(l) "refund of contributions" means any amount paid or payable under
an approved pension fund plan on the withdrawal from a plan
before five years contribution is made of an employee, or on
approval of an application by the Board therefor for any other
reason, as or on account of -
(i) a return of the employee's contribution,
(ii) reasonable interest on the employee's contributions;
(m) "refund of premiums" means any amount paid or payable under an
approved deferred annuity plan, on or after the death of the annuitant
thereunder in the event of his death before maturity, as or on account
of -
(i) a return of premiums,
(ii) reasonable interest on premiums, or
(iii) a share or interest in or a bonus out of profits or gains;
(n) "regulations" means regulations made under section 32;
(o) "trustee" means a person in whom a trust in respect of an approved
pension fund plan is vested in accordance with section 30 and
includes a member of a Management Committee where the trust is
vested in a trust corporation;
(p) "trust corporation" has the meaning assigned to it by the 44 Trustee
Ordinance.
45 (q) "withdrawal of contributions" means the withdrawal of all or part
of the actuarial reserve payable under an approved pension fund
plan to an employee under forty-one years who has been a member
of the Plan sponsored by his present employer for not less than five
years of paid employment, being an amount which -
Finance Act (No. 2) 1993
44 BIR Note: This Ordinance has been repealed by the Trustee Act 1981
45 BIR Note: Effective 22nd october, 1993
BIR Mac Edition 91/01 Page 47