Clause 7

by deleting the words “31st December 2013” in subsections (1)(a)(i) and (ii), (aa)(ii), (ab), (ba), (bc)(i)(A) and (bd)(i), (2) and (16) (paragraphs (a), (b)(ii)(A) and (iii) and (c)(ii) of the definition of “qualifying debt securities”) and substituting in each case the words “31st December 2018”;

by deleting the words “subsection (2H)” in subsection (1)(bc) and substituting the words “subsections (2H) and (2HA)”;

by deleting sub-paragraph (C) of subsection (1)(bc)(i) and substituting the following sub-paragraph:“(C)either —

by deleting sub-paragraph (C) of subsection (1)(bc)(ii) and substituting the following sub-paragraph:“(C)cannot have their tenure shortened to less than 10 years from the date of their issue, except under such circumstances as may be prescribed by regulations; and”;

by deleting the words “any subsequent year” in subsection (1)(jc) and substituting “2012”;

by inserting, immediately after paragraph (jc) of subsection (1), the following paragraph:“(jd)any voluntary contribution in cash made in 2013 or any subsequent year by a person of a description prescribed by the Minister to the medisave account maintained under the Central Provident Fund Act of a self-employed individual, up to $1,500 less any previous contribution made to that medisave account in that year by the person of the prescribed description in his capacity as an employer (if applicable) which is not deemed to be income under section 10C(5A);”;

by deleting the words “the deposit of moneys with an approved bank or a finance company licensed under the Finance Companies Act in Singapore” in subsection (1)(zd) and substituting the words “a deposit of moneys held in Singapore with an approved bank or a finance company licensed under the Finance Companies Act (Cap. 108)”;

by deleting the words “restricted authorised scheme” in subsection (1)(zi)(ii) and substituting the words “restricted Singapore scheme”;

by inserting, immediately after subsection (2H), the following subsection:“(2HA) Subsection (1)(bc) shall not apply to —

any interest, discount, prepayment fee, redemption premium or break cost from qualifying debt securities issued on or after 28th June 2013; or

such other income, directly attributable to qualifying debt securities as may be prescribed by regulations under that provision,that is derived on or after the date on which the tenure of any portion of those qualifying debt securities is shortened to less than 10 years from the date of their issue, where the shortening of the tenure occurs under such circumstances as may be prescribed by regulations made under that provision.”;

by deleting the definition of “approved bank” in subsection (16) and substituting the following definition:“ “approved bank” means a bank licensed under the Banking Act (Cap. 19) or a merchant bank approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186);”;

by inserting, immediately after the definition of “financial sector incentive (bond market) company” in subsection (16), the following definition:“ “financial sector incentive (capital market) company” means a company approved as such by the Minister or such person as he may appoint;”;

by inserting, immediately after the definition of “financial sector incentive (project finance) company” in subsection (16), the following definition:“ “financial sector incentive (standard tier) company” has the same meaning as in section 43N(4);”;

by deleting the word “or” at the end of paragraph (b)(ii) of the definition of “qualifying debt securities” in subsection (16);

by inserting, at the end of sub-paragraph (iii) of paragraph (b) of the definition of “qualifying debt securities” in subsection (16), the word “or”, and by inserting immediately thereafter the following sub‑paragraph:“(iv)by any financial sector incentive (standard tier) company or financial sector incentive (capital market) company and issued during the period from 1st January 2014 to 31st December 2018;”;

by deleting the word “or” at the end of paragraph (c)(i) of the definition of “qualifying debt securities” in subsection (16);

by deleting the comma at the end of sub-paragraph (ii) of paragraph (c) of the definition of “qualifying debt securities” in subsection (16) and substituting the word “; or”, and by inserting immediately thereafter the following sub-paragraph:“(iii)by any financial sector incentive (standard tier) company or financial sector incentive (capital market) company and issued during the period from 1st January 2014 to 31st December 2018,”;

by deleting paragraph (a) of the definition of “qualifying project debt securities” in subsection (16) and substituting the following paragraph:“(a)which are arranged in accordance with regulations made for this purpose —

by any financial institution in Singapore and issued during the period from 1st November 2006 to 31st December 2013;

by any financial sector incentive (bond market) company or financial sector incentive (project finance) company and issued during the period from 1st November 2006 to 31st March 2017; or

by any financial sector incentive (standard tier) company or financial sector incentive (capital market) company and issued during the period from 1st January 2014 to 31st March 2017;”; and

by deleting the definition of “restricted authorised scheme” in subsection (16) and substituting the following definition:“ “restricted Singapore scheme” means a collective investment scheme constituted as a unit trust that is a restricted Singapore scheme within the meaning of the regulations made under the Securities and Futures Act (Cap. 289) for the purpose of section 305 of that Act;”.