Clause 2

by deleting the words “or 43L” in the definition of “concessionary income” in subsection (1) and substituting the words “, 43L or 43M”;

by deleting the definition of “fixed capital expenditure” in subsection (1) and substituting the following definition:“ “fixed capital expenditure” means capital expenditure to be incurred on an approved project by a company on the following items that are used for carrying out the project —

factory building (excluding land) in Singapore and, in relation to any project under section 67(1)(b), (c), (d), (f) or (g), includes a building or structure specially designed for carrying out the project; (b)the acquisition of any know-how or patent rights; and (c)any new productive equipment (and, subject to the approval of the Minister, any secondhand productive equipment) to be used in Singapore and, in relation to any project under section 67(1)(h), includes any productive equipment to be used outside Singapore as approved under section 67(2A);”;

by deleting the full-stop at the end of the definition of “research and development” in subsection (1) and substituting a semi-colon, and by inserting immediately thereafter the following definition:“ “space satellite” means an apparatus placed in orbit relative to the earth for any economic, scientific or technological purpose.”;

by deleting the words “to be constructed or installed on site” in subsection (2)(b) and substituting the words ``to which paragraph (a) or (c) applies”; and (e)by deleting the full-stop at the end of subsection (2)(b) and substituting a semi-colon, and by inserting immediately thereafter the following paragraph:“(c)in the case of any productive equipment to be used in relation to a project under section 67(1)(h), the company has received delivery of the equipment.”.