Clause 30

by inserting, immediately after subsection (2), the following subsection:“(2A) Subsection (2) shall not apply to —

in the case of a real estate investment trust, any income from any trade or business carried on by the trustee, other than the following income distributed by the trustee:

rental income or income from the management or holding of immovable property but not including gains from the disposal of immovable property;

interest income ancillary to the management or holding of immovable property;

income of the kinds referred to in section 13(1)(zd), (ze)(i) and (zf); or

in the case of any other trust, any income from any trade or business carried on by the trustee.”;

by deleting the words “(except distribution made out of Singapore dividends) made” in subsection (3B) and substituting the words “made out of any income referred to in subsection (2A)(a)(i), (ii) and (iii)”;

by deleting the words “listed on the Singapore Exchange” in subsection (3B);

by deleting the words “insurance company” in subsection (9) and substituting the word “insurer”;

by deleting the word “company” in subsection (9) and substituting the word “insurer”;

by deleting the definition of “qualifying company” in subsection (10) and substituting the following definition:“ “qualifying company” means a company incorporated in Singapore (other than a company limited by guarantee) which for each of the first 3 years of assessment —

is resident in Singapore for that year of assessment; and

has total share capital which is beneficially held, directly or indirectly, by no more than 20 persons all of whom are individuals throughout the basis period for that year of assessment;”; and

by deleting the words “offered to the public for subscription” in the definition of “real estate investment trust” in subsection (10) and substituting the words “listed on the Singapore Exchange”.