Clause 3

by deleting the colon appearing at the end of paragraph (s) of subsection (1) thereof and substituting therefor a semi-colon;

by inserting immediately thereafter the following new paragraphs: —“(t)the income derived on or after the 20th day of August 1968, from interest on monies held on deposit in an approved bank in Singapore by —

a non-resident individual; and

a person, other than an individual, if such person does not, by himself or in association with others, carry on a business in Singapore, and does not have a permanent establishment in Singapore;

any interest derived on or after the first day of January, 1968, by any person from the deposit of monies with the Savings Bank constituted under the Post Office Savings Bank Ordinance (Cap. 106):”; and

by inserting immediately after subsection (5) thereof the following new subsections: —“(6) For the purposes of this section —“approved bank” means a bank in Singapore approved by the Minister by order published in the Gazette;“permanent establishment” means a fixed place where a business may be wholly or partly carried on and in particular includes —

a place of management;

a branch;

an office;

a factory;

a workshop;

a mine, oil well, quarry or other place of extraction of natural resources;

a building site, a construction or assembly project; and

a farm or plantation.(7) The Minister may by order exempt from tax the income received by a person resident in Singapore from such sources in any country outside Singapore (other than a country with which an arrangement for the avoidance of double taxation remains in effect) as may be specified in the order.(8) Any order made under subsection (7) of this section may be either general or specific and may prescribe the conditions subject to which the tax shall be exempted and the manner in which application for exemption is to be made.”.