Clause 7

by inserting, immediately after subsection (1CK), the following subsection:“(1CL) The income of a shipping enterprise mentioned in this section includes income derived on or after 12 December 2018 by the shipping enterprise from foreign exchange and risk management activities that are carried out in connection with or incidental to the finance leasing of a Singapore ship for use outside the limits of the port of Singapore.”;

by deleting the definition of “finance leasing” in subsection (16) and substituting the following definition:“ “finance leasing” means —

in relation to a container, a lease of the container (including any arrangement or agreement made in connection with the lease) that has the effect of transferring substantially the obsolescence, risks or rewards incidental to ownership of the container to the lessee; and

in relation to a ship, a lease of the ship (including any arrangement or agreement made in connection with the lease) that has the effect of transferring substantially the obsolescence, risks or rewards incidental to ownership of the ship to the lessee;”; (c)by deleting the word “or” at the end of paragraph (a)(iv) of the definition of “operation” in subsection (16); and

by deleting the word “and” at the end of sub‑paragraph (v) 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:“(vi)the finance leasing of the ship for use outside the limits of the port of Singapore, but only where the income in question is derived from the finance leasing on or after 12 December 2018; and”.