Clause 27

by deleting both provisos to subsection (1) thereof;

by deleting subsection (4) thereof and substituting therefor the following: —“(4) Where any person becomes liable to tax under this Ordinance in respect of year of assessment 1966 or would have become so liable save for the insufficiency of income, he shall not be deemed to have acquired a new source of income by reason only of the repeal of Part XV of this Ordinance and the provisions of this section shall apply as if such person had been liable to tax under this Ordinance in all relevant prior years.”;

by deleting subsection (6) thereof and substituting therefor the following: —“(6) Where income from any source other than a source specified in subsection (3) or (7A) of this section first accrues to a person during any year of assessment, the statutory income from that source —

in respect of the year of assessment in which the income first accrues shall be the amount of the income arising therefrom in that year of assessment;

in respect of the year of assessment next succeeding that in which the income first accrued shall be the amount of the income arising therefrom in the first twelve months after the date on which such income first accrued to him; and

in respect of subsequent years of assessment shall be the amount of the income arising therefrom in the year preceding the year of assessment.”; and

by deleting from the proviso to subsection (9) thereof the words “the State and the States of Malaya” and substituting therefor the word “Singapore”.