Clause 2

With effect from the 1st day of January 1976, estate duty shall not be payable in respect of the following property in Singapore passing on the death of any person who at the time of his death was neither domiciled nor resident in Singapore: —

deposits and balances with Asian Currency Units of approved banks;

negotiable certificates of deposits issued by Asian Currency Units of approved banks;

Asian Dollar Bonds which have been approved by the Minister for exemption from estate duty; and

bonds, stocks and securities issued by the Government which have been approved by the Minister for exemption from estate duty.(2) For the purposes of this section —

“approved banks” means approved banks within the meaning of section 13 of the Income Tax Act (Cap. 141); and

a deceased person shall be treated as resident in Singapore if during the period of twelve months ending on the date of his death he had —

resided in Singapore notwithstanding any temporary absences abroad; or

spent in the aggregate 183 days in Singapore.”.