Clause 5

by inserting, immediately after the words “where a contribution is made by an employer in any year” in subsection (4), the words “before 2013”;

by inserting, immediately after subsection (5), the following subsections:“(5A) Notwithstanding subsection (1)(a) but subject to subsection (6), where a contribution is made by an employer in 2013 or any subsequent year to the medisave account of his employee maintained under the Central Provident Fund Act (Cap. 36), the contribution up to the maximum amount referred to in subsection (5B) shall not be deemed to be income accruing to the employee.(5B) The maximum amount is $1,500 in any year less any previous contribution made to that medisave account in that year by that employer in his capacity as a person of a prescribed description referred to in section 13(1)(jd) (if applicable) that is exempt from tax under that provision.”; and

by deleting the words “Subsection (4)” in subsection (6) and substituting the words “Subsections (4) and (5A)”.