Clause 12

by deleting the words “, subject to subsection (6),” in the tenth line of subsection (2)(e);

by deleting sub-paragraph (ii) of the proviso to subsection (2)(e) and substituting the following sub-paragraph:“(ii)no deduction shall be allowed in excess of $5,000 except that where the contributions made on or after 1st January 1994 to the Central Provident Fund or the contributions made on or after 1st January 1989 to an approved pension or provident fund (other than the Central Provident Fund) exceed $5,000, the excess contributions shall, subject to subsections (6) and (6A), be allowed as a deduction;”;

by deleting “18%” in the tenth line of subsection (2)(ea) and substituting “181/2%”;

by deleting “$12,960” wherever it appears in subsection (2)(ea) and substituting in each case “$13,320”;

by inserting, immediately after the word “subsection” in the first line of subsection (6)(e), the words “and subsection (6A)”;

by inserting, immediately after the definition of “ordinary wages” in subsection (6)(e), the following definitions:“ “overseas additional wages”, “overseas ordinary wages”, “overseas total wages” and “relevant employer” have the same meanings as in section 10C(8);”; and

by inserting, immediately after subsection (6), the following subsection:“(6A) For the purposes of subsection (2)(e), where in any year from 1st January 1994 an individual has made contributions (not being contributions under section 7(2) of the Central Provident Fund Act [Cap. 36]) to the Central Provident Fund in respect of overseas ordinary wages or overseas additional wages paid to him by any relevant employer in that year, no deduction shall include any contributions in respect of that part of his overseas total wages which exceeds $100,000, if his overseas additional wages exceed $28,000 and his overseas total wages exceed $100,000.”.