Clause 6

by deleting paragraph (aa) of subsection (1) and substituting the following paragraph:“(aa)subject to subsection (2A) and such conditions as may be prescribed by regulations, the discount from any qualifying debt securities —

issued during the period from 27th February 2004 to 16th February 2006 which mature within one year from the date of issue of those securities; or

issued during the period from 17th February 2006 to 31st December 2008,by —

any person who is not resident in Singapore and who does not have any permanent establishment in Singapore; or

any person who is not resident in Singapore and who carries on any operation in Singapore through a permanent establishment in Singapore where the funds used by that person to acquire the qualifying debt securities are not obtained from the operation;”;

by deleting the word “including” in subsection (1)(ze)(v) and substituting the word “excluding”;

by inserting, immediately before the word “offered” in subsection (1)(ze)(v), the words “the units of which are”;

by deleting the word “and” at the end of subsection (1)(zf);

by deleting paragraph (zg) of subsection (1) and substituting the following paragraphs:“(zg)any distribution made by any trustee-manager of a registered business trust;

any discount from debt securities;

any distribution made by any restricted authorised scheme out of income derived from Singapore or received in Singapore on or after 17th February 2006, that is income or deemed to be income of the individual, except distribution made out of Singapore dividends from which tax is deducted or deductible under section 44,except where such income is derived through a partnership in Singapore or is derived from the carrying on of a trade, business or profession; and

by deleting the definition of “deposit” in subsection (16) and substituting the following definition:“ “deposit” means —

in relation to any standard savings, current or fixed deposit account referred to in subsection (1)(zc), any deposit of moneys, but does not include —

any deposit of moneys the interest from which is determined by the performance of any securities or by the fluctuations in currency exchange rates or by any combination thereof; or

any other prescribed deposit; or

in relation to any deposit of moneys referred to in subsection (1)(t) or (zd) which is made on or after 7th October 2004 and which matures on or after 2nd June 2005, a deposit which falls within the meaning of deposit in section 4B of the Banking Act (Cap. 19) and is treated as such by the Monetary Authority of Singapore for the purposes of that section;”;

by inserting, immediately after the definition of “qualifying debt securities” in subsection (16), the following definitions:“ “real estate investment trust” has the same meaning as in section 43(10);“registered business trust” and “trustee-manager” have the same meanings as in the Business Trusts Act (Cap. 31A);”;

by inserting, immediately after the definition of “related party” in subsection (16), the following definition:“ “restricted authorised scheme” means a collective investment scheme constituted as a unit trust authorised under regulations made under the Securities and Futures Act (Cap. 289) for the purpose of section 305 of that Act;”; and

by deleting the full-stop at the end of the definition of “Singapore Government securities” in subsection (16) and substituting a semi-colon, and by inserting immediately thereafter the following definition:“ “structured product” means a sum of money paid on terms under which —

it may not be repaid in full and the return from which is, partly or wholly, determined by the performance of any embedded derivative instrument; and

its repayment may be in money or money’s worth.”.