Clause 6

by inserting, immediately after subsection (1CG), the following subsections:“(1CH) The income of a shipping enterprise mentioned in this section includes income derived on or after 25 March 2016 by the shipping enterprise from —

any mobilisation or holding of any ship used or to be used for offshore renewable energy activity, or offshore mineral activity, outside the limits of the port of Singapore; or

the demobilisation of any ship after it has been so used,where the mobilisation, holding or demobilisation is undertaken by the shipping enterprise itself using a Singapore ship.(1CI) The income of a shipping enterprise mentioned in this section includes income derived on or after 25 March 2016 by the shipping enterprise from —

any mobilisation or holding of a Singapore ship owned or operated by the shipping enterprise and used or to be used for offshore renewable energy activity, or offshore mineral activity, outside the limits of the port of Singapore; or

the demobilisation of a Singapore ship owned or operated by the shipping enterprise after it has been so used.(1CJ) The income of a shipping enterprise mentioned in this section includes income derived on or after 25 March 2016 from foreign exchange and risk management activities that are carried out in connection with and incidental to any activity mentioned in subsection (1CH) or (1CI).”;

by inserting, immediately after subsection (1CJ), the following subsection:“(1CK) The income of a shipping enterprise mentioned in this section includes income derived on or after the date the Income Tax (Amendment No. 3) Act 2016 is published in the Gazette, from foreign exchange and risk management activities that are carried out in connection with and incidental to any activity mentioned in subsection (1CD), (1CE) or (1CF).”;

by deleting the words “or (1CG)” in subsection (3)(b) and substituting the words “, (1CG), (1CH), (1CI) or (1CJ)”;

by deleting the words “or (1CJ)” in subsection (3)(b) and substituting the words “, (1CJ) or (1CK)”;

by inserting, immediately after the words “offshore oil or gas activity” in the definitions of “holding” and “mobilisation” in subsection (16), the words “, offshore renewable energy activity or offshore mineral activity”;

by deleting the word “or” at the end of paragraph (a)(iii) of the definition of “operation” in subsection (16); and

by deleting the word “and” at the end of sub‑paragraph (iv) of paragraph (a) of the definition of “operation” in subsection (16) and substituting the word “or”, and by inserting immediately thereafter the following sub‑paragraph:“(v)the use, on or after 25 March 2016, outside the limits of the port of Singapore of the ship for offshore renewable energy activity or offshore mineral activity; and”.