Clause 7

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

by deleting the full-stop at the end of paragraph (k) of subsection (1) and substituting a semi‑colon, and by inserting immediately thereafter the following paragraphs:“(l)on or after 25 March 2016 from —

the operation outside the limits of the port of Singapore of any foreign ship for offshore renewable energy activity or offshore mineral activity; and

the charter of any foreign ship for offshore renewable energy activity or offshore mineral activity to any person, where such ship is used by the person for the person’s operation outside the limits of the port of Singapore;

on or after 25 March 2016 from —

the sale of a foreign ship used for offshore renewable energy activity or offshore mineral activity;

the assignment to another of all its rights as the buyer under a contract for the construction of a ship for offshore renewable energy activity or offshore mineral activity that, at the time of assignment, is intended to be a foreign ship to be used for that activity or any prescribed purpose; or

the sale of all of the issued ordinary shares in a special purpose company of the approved international shipping enterprise where, at the time of the sale of the shares, the special purpose company —

owns any foreign ship that is used for offshore renewable energy activity or offshore mineral activity; or

is the buyer under a contract for the construction of a foreign ship for that activity and that is intended to be used for that activity or any prescribed purpose;

on or after 25 March 2016 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 approved international shipping enterprise itself using a foreign ship;

on or after 25 March 2016 from —

any mobilisation or holding of a foreign ship owned or operated by the approved international 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 foreign ship owned or operated by the approved international shipping enterprise after it has been so used; and

on or after 25 March 2016 from foreign exchange and risk management activities which are carried out in connection with and incidental to an activity described in paragraph (l), (n) or (o).”;

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

by deleting the full-stop at the end of paragraph (p) of subsection (1) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(q)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 an activity mentioned in subsection (1)(f), (h), (i) or (j).”;

by inserting, immediately after subsection (1AB), the following subsection:“(1AC) Subsection (1)(m) does not apply to —

any income of an approved international shipping enterprise as a lessor of a foreign ship used for offshore renewable energy activity or offshore mineral activity, under a finance lease that is treated as a sale under section 10D; or

any income of an approved international shipping enterprise from carrying on a business of trading in foreign ships used for either of those activities, or of constructing for sale foreign ships for either of those activities.”;

by deleting the words “and (h) to (k)” in subsection (4) and substituting the words “, (h) to (l), (n), (o) and (p)”;

by deleting the words “, (n), (o) and (p)” in subsection (4) and substituting the words “and (n) to (q)”;

by deleting the words “subsection (1)(g) in any basis period” in subsection (4A) and substituting the words “subsection (1)(g) or (m) in any basis period”;

by deleting the words “subsection (1)(g) in that same basis period” in subsection (4A) and substituting the words “either subsection (1)(g) or (m) in that same basis period”; and

by deleting the definition of “special purpose company” in subsection (6) and substituting the following definition:“ “special purpose company”, in relation to an approved international shipping enterprise, means a company that is wholly owned by the shipping enterprise and whose only business or intended business is —

any operation mentioned in subsection (1)(a), (b), (c), (f), (i) and (j);

any operation of a Singapore ship as defined in section 13A(16); or

any operation or activity mentioned in subsection (1)(l), (n) or (o) that takes place on or after 25 March 2016.”.