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:

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 living anymore in Singapore and I withdraw the full amount of my SRS before 10years and before my retirement age ?

4. 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.

For more information, please refer to IRAS’s website below:

https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/special-tax-schemes/tax-on-srs-withdrawals