Clause 3

by deleting paragraph (u) of subsection (1) and substituting the following paragraph:“(u)the interest derived by any person from the deposit of moneys in any savings account with the Post Office Savings Bank of Singapore constituted under the Post Office Savings Bank of Singapore Act, 1971 (Act 13 of 1971);”;

by deleting the full-stop at the end of paragraph (x) of subsection (1) and substituting a semi-colon, and by inserting immediately thereafter the following paragraph:“(y)such income of a financial institution arising from syndicated offshore loans as may be prescribed by regulations under section 43A.”; and

by deleting the words “(other than a country with which an arrangement for the avoidance of double taxation remains in effect)” in subsection (7).