Clause 5

by inserting, immediately after the word “derived” in subsection (1)(n), the words “in the basis period for any year of assessment before the year of assessment 2018”; and

by deleting subsections (12A) and (12B) and substituting the following subsections:“(12A) Every order made under subsection (12) still in force on 1 April 2020, that 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, on the commencement of the order, 100% owned by the trustee of a real estate investment trust,applies on or after that date (and despite anything in the order) only to income described in subsection (12B).(12B) Subsection (12A) applies to income received in Singapore by the trustee or the company and exempt from tax by the order, that is paid out of income or gains —

relating to any immovable property situated outside Singapore that is acquired (directly or indirectly) by the trustee or the company before 1 April 2020; and

derived, either at a time the trustee or the company beneficially owns (directly or indirectly) the property, or from the disposal by the trustee or the company of its interest in that property.”.