Clause 12

by inserting, immediately after the words “other income” in the last line of paragraphs (d) and (g), the words “or be available for transfer under section 37C of the Income Tax Act”;

by deleting paragraph (f) and substituting the following paragraph:“(f)where the overseas enterprise has, during its tax relief period, incurred a loss or has unabsorbed donation for any year in respect of its qualifying activity, that loss or donation shall during the tax relief period, subject to section 37 of the Income Tax Act, only be deducted against the qualifying income and the balance of such loss or donation shall not be available as a deduction against any other income or be available for transfer under section 37C of that Act;”; and

by deleting the words “and losses” in the 2nd line of paragraph (h) and substituting the words “, losses and donations”.