Clause 9

by inserting, immediately after subsection (1), the following subsection:“(1A) Regulations made under subsection (1) may provide for the deduction of expenses, allowances, losses and donations relating to a foreign account of a philanthropic purpose trust or an eligible holding company established for the purposes of a philanthropic purpose trust, otherwise than in accordance with this Act.”;

by deleting paragraph (b) of the definition of “foreign account” in subsection (2) and substituting the following paragraph:“(b)companies each of which —

is neither incorporated nor resident in Singapore;

does not have a permanent establishment in Singapore other than a trustee company referred to in subsection (1)(a);

does not carry on a business in Singapore;

does not beneficially own more than 20% of the total number of the issued shares of any company incorporated in Singapore;

does not have 20% or more of the total number of its issued shares beneficially owned, directly or indirectly, by a company which —

has a permanent establishment in Singapore other than a trustee company referred to in subsection (1)(a);

carries on a business in Singapore; or

beneficially owns more than 20% of the total number of the issued shares of any company incorporated in Singapore; and

has —

if it has no more than 50 shareholders, all of its issued shares beneficially owned, directly or indirectly, by persons who are neither citizens of Singapore nor resident in Singapore; or

if it has more than 50 shareholders, not less than 95% of the total number of its issued shares beneficially owned, directly or indirectly, by persons who are neither citizens of Singapore nor resident in Singapore;”; and

by inserting, immediately after subsection (2), the following subsection:“(3) The Minister or such person as he may appoint may in any particular case waive any requirement referred to in paragraph (b)(ii) to (v) of the definition of “foreign account” in subsection (2).”.