QUOTE(paogeh @ Jan 7 2020, 10:16 AM)
the reason i was asking ...
today during kopi sessions.
someone went to SSPN office to withdraw , the officer told him :
1. for 1st time withdraw , the tax rebate would be deducted !!
2. only those kept more that 2 years are exempt ....
that;s why ...i'm asking here ....
can , withdraw , without penalty , right ?
Your friend misunderstood, or the officer didnt explain clearly.
If u deposit 8K in 2019, u can withdraw 8K in 2020 but still eligible to deduct tax for 2019 submission.
If u deposit 8K in 2020 and u withdraw in 2020 then u are not eligible to deduct tax for 2020 submission.
Furthermore from that, If u deposit 8K in 2019 and u withdraw 8K in 2020, then subsequently u deposit 5K in 2020 then u are NOT eligible to deduct tax for 2020. Because in order to deduct tax for 2020 you need to have the balance of previous year (in this case 8K) in the account before any additional deposit is taken into calculation.
In short for 2020 u need to have 16K in account in order to deduct tax of 8K for 2020 submission.