Clause 8

by deleting the words “the issue of those securities is beneficially held or funded, directly or indirectly, at any time during the life of the issue” in subsections (2), (2A), (2B), (2F)(a), (2G)(a), (2H)(a) and (2I) and substituting in each case the words “those securities which are outstanding at any time during the life of the issue is beneficially held or funded, directly or indirectly,”;

by deleting the words “the issue of the securities is beneficially held or funded, directly or indirectly, at any time during the life of the issue” in subsection (2C) and substituting the words “those securities which are outstanding at any time during the life of the issue is beneficially held or funded, directly or indirectly,”;

by deleting subsection (12A) and substituting the following subsections:“(12A) Every order made under subsection (12) still in force on 1st April 2015, which exempts from tax any income received in Singapore by —

the trustee of a real estate investment trust; or

a company incorporated in Singapore the share capital of which is 100% owned by the trustee of a real estate investment trust on the commencement of the order,shall, notwithstanding anything in the order, apply on or after that date only to income received by the trustee or the company that relates to any immovable property described in subsection (12B).(12B) The immovable property —

must be situated outside Singapore;

must have been acquired, directly or indirectly, by the trustee or the company before 1st April 2015; and

must be beneficially owned, directly or indirectly, by the trustee or the company and continues to be so owned as of the date the income is received in Singapore.(12C) To avoid doubt, any exemption on or after 1st April 2015 referred to in subsection (12A) is subject to the conditions and restrictions of the exemption as prescribed in the order, insofar as those conditions and restrictions remain applicable.”; and

by deleting the words “and certificates of deposits” in paragraph (b) of the definition of “qualifying debt securities” in subsection (16) and substituting the words “, certificates of deposits and AT1 instruments within the meaning of section 10O(2),”.