Clause 29

by inserting, immediately after subsection (3A), the following subsection:“(3B) Notwithstanding anything in this Act, tax at the rate of 10% shall be levied and paid on the gross amount of any distribution (except distribution made out of Singapore dividends) made during the period from 18th February 2005 to 17th February 2010 by a trustee of any real estate investment trust listed on the Singapore Exchange to a person (other than an individual) not resident in Singapore —

who does not have any permanent establishment in Singapore; or

who carries on any operation in Singapore through a permanent establishment in Singapore, where the funds used by that person to acquire the units in that real estate investment trust are not obtained from that operation.”;

by inserting, immediately after “(3A)” in the definition of “gross amount” in subsection (10), “, (3B)”; and

by deleting the definition of “Singapore dividends” in subsection (10) and substituting the following definitions:“ “immovable property-related assets” means listed or unlisted debt securities and listed shares issued by property corporations, mortgage-backed securities, other property funds, and assets incidental to the ownership of immovable property;“real estate investment trust” means a trust that is constituted as a collective investment scheme authorised under section 286 of the Securities and Futures Act (Cap. 289) and offered to the public for subscription, and that invests or proposes to invest in immovable property and immovable property-related assets;“Singapore dividends” means any dividend derived from Singapore from which tax is deducted or deductible under section 44.”.