Clause 5

by deleting the words “issued in Singapore” appearing in the second line of paragraph (v) of subsection (1) thereof;

by deleting subsection (2) thereof and substituting therefor the following: —“(2) Where the Minister is of the opinion that any payment in the nature of any income referred to in subsection (6) or (7) of section 12 of this Act is made for any purpose which will promote or enhance the economic or technological development of Singapore, he may, by notification in the Gazette, provide that the income shall, subject to such conditions as he may impose, be exempt from tax wholly or in part and either generally or in respect of certain classes of persons; and such income shall as from the date and to the extent specified by the notification be exempt from tax.”; and

by deleting the definition of “permanent establishment” appearing in subsection (6) thereof.