Clause 8

by deleting the word “or” at the end of subsection (2)(a);

by deleting the full-stop at the end of paragraph (b) of subsection (2) and substituting a semi-colon, and by inserting immediately thereafter the following paragraphs:“(c)being any other person, is neither resident in Singapore nor constituted or registered under any written law in Singapore; or

is a trustee of another foreign trust specified under subsection (1).”;

by inserting, immediately after subsection (2), the following subsection:“(2A) Where any income of a foreign trust is exempt from tax under regulations made under subsection (1) in any year of assessment, the share of such income that a foreign account of a philanthropic purpose trust is entitled to receive for that year of assessment shall also be exempt from tax.”; and

by deleting subsection (4) and substituting the following subsection:“(4) In this section —“foreign account” and “philanthropic purpose trust” have the same meanings as in section 13O;“trustee company” has the same meaning as in section 43J(2).”.