Calculating withholding tax

Key requirements

Apply the withholding rate to the taxable portion, not automatically the whole withdrawal. IRAS’s example uses a S$300,000 withdrawal with 50% taxable: at 24%, withholding is S$36,000. It illustrates the mechanism rather than fixing every account holder’s retirement age or withdrawal entitlement. Qualifying lower-volume, no-other-income withdrawals can use the conditional 15% concession. Residents’ final tax uses progressive rates; the source describes non-resident treatment separately. Any unused credit is refunded after assessment. Keep operator statements and correct contact details for reconciliation.