CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
within six months of the date of withdrawal or such later date
as the Board may allow, the person may make one further
withdrawal;
(iv) prohibiting more than two persons from applying their
withdrawal of contributions or withdrawal of premiums
towards the joint acquisition of a single house; and
(v) stipulating that a person who makes a withdrawal of
contributions may repay the amount withdrawn by way of
additional voluntary contributions.
(6) The Board may approve for the purposes of this Act any pension fund
plan notwithstanding that the pension fund plan -
(a) is a non-contributory plan; and
(b) contains such other terms and provisions, not inconsistent with this
section as are authorised or permitted by the regulations.
(7) The Board may approve for the purposes of this Act any deferred
annuity plan notwithstanding that the plan -
(a) provides for the payment of a benefit after maturity by way of dividend;
(b) provides for the commutation of any annuity payable thereunder if
the amount so payable, expressed in terms of a monthly rate is less
than sixty-five dollars;
(c) in the case of an annuity for a guaranteed term, provides for the annuity
to be assignable by will, or, in the event of the death of any
person to whom any such annuity is payable, to be assignable by
the heir, administrators or other legal representatives of such
person in the distribution of his estate, so as to give effect to any
testamentary disposition, or to the rights of any person on an
intestacy, or to its appropriation to a legacy or a share or interest in
the estate;
(d) is adjoined to a contract or other arrangement that is not a deferred
annuity plan; or
(e) contains such other terms and provisions, not inconsistent with this
section, as are authorised or permitted by the regulations.
(8) No tax is payable under this Act by a trust on the chargeable income of
the trust for a period during which the trust was governed by an approved
pension fund plan.
BIR Mac Edition 91/01 Page 51