Clause 40

by deleting the words “in either case under section 13C or 43A” in subsection (1)(a)(v) and substituting the words “under section 43A”;

by deleting the comma at the end of paragraph (b) of subsection (1) and substituting a semi-colon, and by inserting immediately thereafter the following paragraph:“(c)derived from transactions in derivatives products as approved by the Minister or such person as he may appoint and introduced during the period from 1st January 2002 to 31st December 2006, on any market maintained by the Singapore Exchange or its subsidiaries, in any currency other than the Singapore dollar, with any of the persons mentioned in paragraph (a)(i) to (v) and any member of any securities market maintained by the Singapore Exchange Securities Trading Limited,”;

by inserting, immediately after subsection (1), the following subsection:“(1A) Regulations made under subsection (1) may also provide that tax at the rate of 10% or such other concessionary rate shall be levied and paid for each year of assessment upon such income of any member of any securities market maintained by the Singapore Exchange Securities Trading Limited in respect of transactions described in subsection (1)(c).”;

by deleting the words “and 43O” in subsection (2) and substituting the words “, 43O and 43P”; and

by deleting the words “gold and futures transactions” in the section heading and substituting the words “transactions on any market maintained by the Singapore Exchange or its subsidiaries”.