Clause 59

by repealing sections 13(1)(p), (u), (ua) and (zc), 14C, 43D, 43F, 43H, 43K, 43S, 43T and 43V;

by deleting the definition of “concessionary rate of tax” in section 14D(5) and substituting the following definition:“ “concessionary rate of tax” means the rate of tax in accordance with —

any order made under section 13(12);

section 43C (in respect of those relating to offshore general insurance business only), 43E, 43G, 43I, 43J, 43N, 43P, 43Q, 43R, 43U, 43W, 43X, 43Y, 43Z, 43ZA, 43ZB, 43ZC, 43ZD, 43ZE, 43ZF, 43ZG or 43ZH, or the regulations made under any of them, as the case may be; or

section 19J(5C) or (5E) or 19KA(1)(b) (as the case may be) of the Economic Expansion Incentives (Relief from Income Tax) Act (Cap. 86);”;

by deleting the words “43D, 43E, 43F, 43G, 43H, 43I, 43J, 43K” in paragraph (b) of the definition of “ “higher rate of tax” or “lower rate of tax” ” in section 37B(7) and substituting the words “43D (repealed), 43E, 43F (repealed), 43G, 43H (repealed), 43I, 43J, 43K (repealed)”;

by deleting the words “43S, 43T, 43U, 43V” in paragraph (b) of the definition of “ “higher rate of tax” or “lower rate of tax” ” in section 37B(7) and substituting the words “43S (repealed), 43T (repealed), 43U, 43V (repealed)”;

by inserting, immediately after the words “section 14C” in the definition of “concessionary rate of tax” in section 37M(3), the words “in force immediately before the date the Income Tax (Amendment No. 3) Act 2016 is published in the Gazette”;

by inserting, immediately before the definition of “associated company” in section 43E(4), the following definition:“ “approved” means approved by the Minister or such person as the Minister appoints;”;

by inserting, immediately before the definition of “associated company” in section 43G(3), the following definition:“ “approved” means approved by the Minister or such person as the Minister appoints;”;

by inserting, immediately before the definition of “global trading company” in section 43P(3), the following definition:“ “approved” means approved by the Minister or such person as the Minister appoints;”;

by deleting paragraphs (a) and (b) of section 43Q(2A) and substituting the following paragraphs:“(a)any company which holds membership of any class or description of a futures market, or of a clearing house for the futures market, maintained by the Singapore Exchange Limited or any of its subsidiaries; and

a member of the corporation known as the Singapore Commodity Exchange Ltd,”; and

by inserting, immediately after subsection (4) of section 43R, the following subsection:“(5) In this section, “approved company” means a company approved by the Minister, or such person as the Minister may appoint, for the purposes of this section.”.