Clause 3

by deleting subsection (1)(j) and substituting the following paragraph:“(j)sums standing to the account of an individual in any approved pension or provident fund or society, or withdrawn therefrom;”;

by deleting the words “syndicated offshore loans” in subsection (1)(y) and substituting the words “the operation of its Asian Currency Unit”;

by deleting the full-stop at the end of subsection (1)(y) and substituting a semi-colon, and by inserting immediately thereafter the following paragraph:“(z)for a period of 5 years from the commencement of its business, such income of the Singapore International Monetary Exchange Limited as may be prescribed.”; and

by deleting subsection (3) and substituting the following subsection:“(3) There shall be exempt from tax for any year of assessment any income arising from sources outside Singapore and received by any individual who is not resident in Singapore in that year of assessment.”.