*-1992
14:34
C.S.B. (2) 8685069
ป
+852 524 6164
P.02
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4.
Repayment may be made by one of the following methods :-
(a) one lump sum payment (i.e. the net total of
gratuity payments plus interests accrued under paragraph 2(a) less tax paid on such gratuity payments and interests allowed under paragraph 2(b)); (Note : As it may take time for the Commissioner of Inland Revenue to supply the Director of Accounting Services with details of tax payments made on the gratuities before the latter can work out the exact amount refundable, repayment of the total gratuities received may be accepted on account anytime after the approval date pending final adjust- ment when the net amount refundable is known. Interests will be calculated up to the date repayment on account commences.)
(b) equal monthly instalments, i.e. on ordinary
annuity basis which involves monthly deductions fixed at 25% of the officer's salary in the month repayment commences, or at a larger amount if the officer so wishes, to be made from his salary until the net total of refund mentioned in sub-paragraph (a), above plus interests accrued under paragraph 2(c) has been fully repaid, but repayment should be completed before the officer's normal retirement age;
(c) repayment of a substantial amount initially
followed by method (b) on the balance outstanding.
If an officer subsequently wishes to discontinue repayment prior to full refund, he must seek the approval of the Secretary for the Civil Service who will consider each case on its own merits. If approved, the following arrangements will apply :-
(i)
Where the total amount of repayment made is less than the amount of contract gratuity (including interest accrued thereon less tax paid and interest allowed) in respect of the full tour of the agreement immediately prior to the officer's transfer to the permanent and pensionable establishment, that amount may be returned to the officer at the discretion of the Secretary for the Civil Service.
/(ii)