Regulation 3

made by an institution specified in Part II of the Schedule to a person who is not a resident in Singapore; (b)that is not derived through any operation carried on by the person through the person’s permanent establishment in Singapore; and

that is liable to be made —

under a securities lending or repurchase agreement that takes effect on a date that falls within the period from 28 October 2003 to 31 December 2026 (both dates inclusive) (called in this sub-paragraph the relevant period); (ii)under a securities lending or repurchase agreement that is extended or renewed, where —

the extension or renewal takes effect on a date that falls within the relevant period; and

the payment is made on or after the date on which such extension or renewal takes effect; or

under a securities lending or repurchase agreement that is varied, where —

the variation takes effect on a date that falls within the period from 4 November 2022 to 31 December 2026 (both dates inclusive); and

the payment is made on or after the date on which the variation takes effect,is exempt from tax.

the institution which entered into the securities lending or repurchase arrangement entered into such securities lending or repurchase arrangement as principal; and

the interest payments are derived from moneys held on deposit in a bank in Singapore, where —

the moneys for the deposit are from a collateral placed with the institution by a person who is not a resident in Singapore; and

the collateral was not obtained from any operation carried on by the person through the person’s permanent establishment in Singapore.

under a securities lending or repurchase agreement mentioned in sub-paragraph (2)(c) that is varied with effect from a date on or after 1 January 2027; and

on or after the date the variation takes effect.