Clause 7

by inserting, immediately after the words “80% of” in the fourth line of paragraph (ii) of the proviso to subsection (1)(g), the words “donations (in money or money’s worth) it received and of”;

by inserting, immediately after the word “therefrom” at the end of subsection (1)(j), the words “except for sums in respect of dividends credited to his Investment Account maintained under the Central Provident Fund Act [Cap. 36]”; and

by deleting subsection (9) and substituting the following subsection:“(9) Where any income is exempt from tax by virtue of an order made under subsection (7) and the income is received by a company which is resident in Singapore —

an amount equal to the income shall be credited to an account to be kept by the company for the purpose of this subsection; and

subsections (3) to (10), (12) and (13) of section 13E shall apply, mutatis mutandis, to the company in respect of a distribution of dividends from the income as if the company were a company referred to in section 13E(3).”.