Hi, I am a foreigner working in Singapore (30 years old) What are the impacts in terms of taxes and penalty in the following cases : 1/ I withdraw a part of my SRS before 10years and before my retirement age ? 2/ I withdraw the full amount of my SRS before 10years and before my retirement age ? 3/ I am not leaving anymore in Singapore and I withdraw the full amount of my SRS before 10years and before my retirement age ? 4/ I am not leaving anymore in Singapore and I withdraw the full amount of my SRS after 10years and before my retirement age ?
The full amount of SRS withdrawals that is made before the prescribed retirement age subject to tax. A 5% penalty will also apply on the withdrawal. The current prescribed retirement age is 63 effective from 1 Jul 2022.
We refer to the 4 scenarios provided:
I withdraw a part of my SRS before 10years and before my retirement age?
I withdraw the full amount of my SRS before 10years and before my retirement age ?
I am not living anymore in Singapore and I withdraw the full amount of my SRS before 10years and before my retirement age ?
I am not living anymore in Singapore and I withdraw the full amount of my SRS after 10years and before my retirement age ?
As you are age 30 and you make withdrawals before the prescribed retirement age, 100% of the withdrawal is subject to tax and 5% penalty will be imposed.
Please refer to IRAS’s website for more information on tax on SRS withdrawals.
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