Clause 39

in subsection (2), replace “2026” with “2031”;

after subsection (5J), insert —“Application of section to approved SPVs of approved companies(5K) A company may at the time of making its application or at any time during the period of its approval, apply to the Minister or authorised body for its SPV to be approved in respect of any shipping‑related support service provided in or from Singapore by the SPV for the purposes of this section.(5L) The Minister or authorised body may —

approve an SPV of an approved company between 19 February 2025 and 31 December 2031 (both dates inclusive), subject to such conditions as the Minister or authorised body may impose;

approve for the SPV one or more shipping‑related support services, and may approve for the approved SPV any additional shipping‑related support services during the period of its approval; and

specify the period for which the SPV is approved, which must expire on the date of expiry of the period of approval of the approved company or, if an extension is granted for the approved company under subsection (5A), the expiry of the extension.(5M) Despite section 43, tax at the rate mentioned in subsection (5N) is to be levied and paid for each year of assessment upon the amount of income in subsection (5O) of an approved SPV derived on or after the service approval date and during the period of its approval under subsection (5L), from providing in or from Singapore any shipping‑related support service approved for the SPV under subsection (5L).(5N) In subsection (5M), the rate of tax is that which is applicable to the income of the approved company derived during the same period under subsection (1), (5C) or (5CA).(5O) In subsection (5M), the amount of the income is that which exceeds the base amount calculated in accordance with subsection (4) or (5I) (whichever is applicable), subject to the following modifications:

a reference in subsection (4) or (5I) to the approved company is to the approved SPV;

a reference in subsection (4) or (5I) to shipping‑related support services approved for the approved company is to the shipping‑related support services approved for the approved SPV;

a reference in subsection (4) or (5I) to any audited accounts of the approved company or other accounts of the approved company approved by the Minister or authorised body is to the audited accounts of the approved SPV or other accounts of the approved SPV approved by the Minister or authorised body;

a reference in subsection (4) to the date of approval of the approved company is to the date of approval of the approved SPV;

a reference in subsection (5I) to the date that the extension is granted under subsection (5A) to an approved company is to the date that the extension is granted to the approved SPV under subsection (5Q).(5P) Unless the Minister otherwise decides —

the base amount determined in accordance with subsection (4) (as applied by subsection (5O)) applies to the approved SPV for the entire period of its approval; or

the base amount determined in accordance with subsection (5I) (as applied by subsection (5O)) applies to the approved SPV for any extended period of its approval under subsection (5Q).(5Q) Where the Minister or authorised body —

has approved an SPV of an approved company; and (b)has granted an extension of the period of approval of the approved company under subsection (5A),the Minister or authorised body may —

extend the period of approval of the approved SPV by the same period in paragraph (b); and (d)approve one or more shipping‑related support services for the purposes of subsection (5M) at the time of granting the extension, and may approve any additional shipping‑related support services for the approved SPV during the extended period of the SPV’s approval,but only if the SPV satisfies such conditions as the Minister or authorised body has imposed on it at the time of granting the extension or approval of additional shipping‑related support services.”;

above subsection (6), insert — “General provisions”;

in subsection (6), after “company”, insert “or approved SPV”;

in subsection (8), in the definition of “corporate service”, after “an approved company”, insert “or its approved SPV”;

in subsection (8), in the definition of “corporate service”, after “the approved company”, insert “or approved SPV”;

in subsection (8), in the definition of “corporate service”, after “(5I)”, insert “(or those provisions as applied by subsection (5O))”;

in subsection (8), after the definition of “freight forwarding and logistics service”, insert —“ “maritime technology service” means —

any service relating to the provision or use of maritime drones;

any service relating to autonomous vessel systems; (c)any service relating to maritime cybersecurity; or

any service relating to any other maritime technology prescribed by rules made under section 7;”;

in subsection (8), in the definition of “service approval date”, after “(5B)”, insert “or an approved SPV under subsection (5L) or (5Q)”;

in subsection (8), in the definition of “service approval date”, after “that company”, insert “or SPV”;

in subsection (8), in the definition of “service approval date”, replace “the company to its approved related company” with “the company or SPV to the company’s approved related company”;

in subsection (8), in the definition of “shipping‑related business”, in paragraph (q), after “offshore renewable energy activity”, insert “, renewable energy activity”;

in subsection (8), in the definition of “shipping‑related business”, after paragraph (q), insert —“(r)maritime technology service;”;

in subsection (8), in the definition of “shipping‑related support service”, in paragraph (f), replace the full‑stop at the end with a semi‑colon;

in subsection (8), in the definition of “shipping‑related support service”, after paragraph (f), insert —“(g)maritime technology service;”;

in subsection (8), after the definition of “shipping‑related support service”, insert —“ “special purpose vehicle” or “SPV”, in relation to an approved company, means a company —

that is incorporated and resident in Singapore;

at least 50% of the total number of the issued ordinary shares of which are beneficially owned, directly or indirectly, by —

the approved company; or

a company which beneficially owns (whether directly or indirectly) at least 50% of the total number of the issued ordinary shares of the approved company; and

carries on the business of providing shipping‑related support services;”;

in subsection (9)(a), replace “and (5CA)” with “, (5CA), (5K), (5L), (5M) and (5Q)”;

in subsection (9)(a) and (b), after “approved company” wherever it appears, insert “or approved SPV (as the case may be)”; and

in subsection (9)(b), after “and (5I)”, insert “(or those provisions as applied by subsection (5O))”.