Clause 7

by deleting sub-paragraph (ii) of the proviso to paragraph (e) of subsection (2) and substituting the following sub-paragraph:“(ii)no deduction shall be allowed in excess of five thousand dollars except that where the contributions recoverable under subsection (2) of section 7 of the Central Provident Fund Act (Cap. 121) or the contributions made to a designated pension or provident fund exceed five thousand dollars, the excess contributions shall be allowed as a deduction; and for the purpose of this paragraph a “designated pension or provident fund” means an approved fund designated by the Minister;”;

by inserting, immediately after sub-paragraph (v) of the proviso to paragraph (e) of subsection (2), the following sub-paragraph:“(vi)in the case of an individual who has made contributions to a designated pension or provident fund, no such deduction shall exceed the contributions which would have been recoverable under subsection (2) of section 7 of the Central Provident Fund Act had contributions been payable in respect of him to the Central Provident Fund;”;

by deleting the words “seven hundred and fifty dollars” in sub-paragraph (iii) of paragraph (f) of subsection (2) and substituting the words “one thousand five hundred dollars”; and

by deleting the words “three hundred dollars for the year of assessment 1974 and seven hundred and fifty dollars for the year of assessment 1975 and subsequent years of assessment” in paragraph (f) of subsection (2) and substituting the words “one thousand dollars”.