Clause 9

The principal Act is hereby amended by inserting immediately after section 43A thereof the following section: —“Special rate of tax for non-resident shipowner or charterer or air transport undertaking43B. Notwithstanding the provisions of section 43 of this Act, where the tax authority of a foreign country taxes the profits derived by a person resident in Singapore from carrying on the business of a shipowner or charterer or of air transport at a rate which exceeds the rate prescribed by section 43 of this Act, the Minister may direct that the profits derived in Singapore from the carrying on of such business by a non-resident person who is resident in that foreign country be charged to tax at a rate similar to that charged by the tax authority of that foreign country.”.