Clause 5

by inserting, immediately before paragraph (b) of subsection (1), the following paragraph:“(a)the interest derived from any qualifying debt securities by any person who is not resident in Singapore and who does not have any permanent establishment in Singapore;”;

by inserting, immediately after the word “dividends” in the fifth line of subsection (1)(j), the words “(other than dividends derived from outside Singapore)”;

by deleting paragraph (y) of subsection (1) and substituting the following paragraph:“(y)such income as may be prescribed by regulations under section 43A or 43C; and”;

by deleting the words “15 years” in subsection (1)(z) and substituting the words “20 years”; and

by inserting, immediately after subsection (2), the following subsection:“(2A) For the purposes of subsection (1)(a) —“financial institution” means an institution licensed or approved by the Monetary Authority of Singapore, and includes an institution approved as an approved Fund Manager under section 43A and an institution approved as a Finance and Treasury Centre under section 43G;“qualifying debt securities” means bonds, notes, commercial papers and certificates of deposits which are substantially arranged by any financial institution in Singapore and issued during the period from 28th February 1998 to 27th February 2003.”.