Clause 15

by deleting subsection (1) and substituting the following subsection:“(1) Subject to subsection (2), there shall be exempt from tax the income of an approved international shipping enterprise derived —

on or after 1st April 1991 from —

the carriage of passengers, mails, livestock or goods from outside the limits of the port of Singapore by any foreign ship;

the charter of any foreign ship to a person not resident in Singapore (excluding any permanent establishment in Singapore) or to another approved international shipping enterprise where such ship is used by that person or enterprise for the carriage of passengers, mails, livestock or goods outside the limits of the port of Singapore; and

the carriage of passengers, mails, livestock or goods by any foreign ship to Singapore solely for the purpose of transhipment;

for the year of assessment 2000 and subsequent years of assessment from —

the operation outside the limits of the port of Singapore of any floating production storage offloading ship or floating storage offloading ship; and

the charter of any foreign floating production storage offloading ship or foreign floating storage offloading ship to a person not resident in Singapore (excluding any permanent establishment in Singapore) or to another approved international shipping enterprise where such ship is used by that person or enterprise for its operation outside the limits of the port of Singapore;

for the year of assessment 2003 and subsequent years of assessment from —

towing or salvage operations carried out from outside the limits of the port of Singapore by any foreign ship;

the charter of any foreign ship to a person not resident in Singapore (excluding any permanent establishment in Singapore) or to another approved international shipping enterprise where such ship is used by that person or enterprise for towage and salvage operations carried out outside the limits of the port of Singapore;

the operation outside the limits of the port of Singapore of any dredger, seismic ship or semi-submersible rig; and

the charter of any semi-submersible rig, foreign dredger or foreign seismic ship to a person not resident in Singapore (excluding any permanent establishment in Singapore) or to another approved international shipping enterprise where the same is used by that person or enterprise for its operation outside the limits of the port of Singapore.”;

by deleting paragraphs (b) and (c) of subsection (5); and

by deleting the definition of “international shipping enterprise” in subsection (6) and substituting the following definition:“ “international shipping enterprise” means any company resident in Singapore owning or operating Singapore ships or foreign ships.”.