Clause 33

by deleting the words “income (including income from employment)” in the fifth and sixth lines of subsection (1) and substituting the words “dividend or income from employment derived from outside Singapore, profit derived from outside Singapore by a branch outside Singapore of a company resident in Singapore or any income”; and

by inserting, immediately after subsection (2), the following subsections:“(3) Where any dividend in respect of which tax credit is given under subsection (1) is paid by a company which is resident outside Singapore to a company which is resident in Singapore and which owns not less than 25% of the shares of the company paying the dividend, the tax credit shall take into account any tax paid by that company in the country in which it is resident in respect of its income out of which the dividend is paid.(4) Any person granted any tax credit under this section or any regulations made under this section on any income shall not be given any tax relief or credit under section 48 or 50 in respect of that income.”.