Clause 9

by deleting “2018” in the following provisions and substituting in each case “2023”:Subsections (1)(a)(i) and (ii), (aa)(ii), (ab) and (ba), (2) and (16) (paragraphs (a), (b)(ii)(A) and (iv) and (c)(iii) of the definition of “qualifying debt securities”);

by inserting, immediately after the words “Asian Dollar Bonds” in subsection (1)(v), the words “issued on or before 31 December 2018”;

by inserting, immediately after the words “real estate investment trust” in subsection (1)(ze)(v), the words “and approved REIT exchange‑traded fund”;

by deleting the word “and” at the end of sub‑paragraph (v) of subsection (1)(ze), and by inserting immediately thereafter the following sub‑paragraph:“(va)any distribution made by the trustee of a collective investment scheme constituted as a unit trust and authorised under section 286 of the Securities and Futures Act, that is an approved REIT exchange‑traded fund and the units of which are offered to the public for subscription, where the distribution —

is not made out of a distribution that is in turn made out of income of the kinds mentioned in section 43(2A)(a)(i), (ii), (iii), (iv) and (v); and

is income or treated as income of the individual;”;

by inserting, immediately after the word “made” in subsection (1)(zh), the words “on or before 31 March 2020”;

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

by deleting the full‑stop at the end of paragraph (zr) of subsection (1) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(zs)any distribution made to an individual during the period from 1 July 2018 to 31 March 2020 (both dates inclusive) by a trustee of an approved REIT exchange‑traded fund, out of a distribution from a real estate investment trust that is in turn made out of income of the kinds mentioned in section 43(2A)(a)(i), (ii), (iii), (iv) and (v), but not where the firstmentioned distribution is derived by the individual as a partner in a partnership which is in Singapore or is derived from the carrying on of a trade, business or profession.”;

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

by deleting the full‑stop at the end of paragraph (zs) of subsection (1) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(zt)subject to subsection (2J), income of an entity (called in this section a sovereign risk pooling entity) that is established and operated for the sole object of insuring against risks faced by one or more governments (called in this section the insured governments) that arise directly or indirectly from a disaster (whether natural or man‑made), subject to the following conditions:

the sovereign risk pooling entity is not established or operated for the object of deriving a profit and its income and capital may only be applied towards its sole object;

its capital is provided only by governments, entities wholly‑owned by governments, and organisations that are not established or operated for the object of deriving a profit;

a government (not being an insured government) or an entity or organisation mentioned in sub‑paragraph (ii) does not enjoy any risk coverage or receive any benefit in any form (including dividends) from the sovereign risk pooling entity;

benefits of any insurance provided by the sovereign risk pooling entity, as well as any distribution of the entity’s property if it ceases operation, accrue only to the insured governments.”;

by inserting, immediately after subsection (2I), the following subsection:“(2J) Despite any other provisions of this Act, in determining for any year of assessment the income of a sovereign risk pooling entity whose income is exempt under subsection (1)(zt) —

any outgoings and expenses incurred by the entity in the production of its income for any year of assessment, and allowable under this Act, may only be deducted against its income for that year of assessment, and any excess of such outgoings and expenses over the income must be disregarded; and

the allowances under sections 19, 19A, 20, 21 and 22 relating to the production of its income for a year of assessment may only be deducted against that income, and any excess of such allowances over the income must be disregarded.”;

by inserting, immediately after the definition of “approved bond intermediary” in subsection (16), the following definition:“ “approved REIT exchange‑traded fund” has the same meaning as in section 43(10)”; and

by deleting paragraph (a) of the definition of “deposit” in subsection (16).