3. There shall be exempt from tax any income of a non-resident person accruing in or derived from Singapore during the period from 28th February 2003 to 27th February 2008 (both dates inclusive) that is a payment —
(a)
made to the non-resident person for the use of or right to use any international telecommunication submarine cable capacity (including any payment for an IRU);
(b)
not derived from any trade or business carried on or exercised by the non-resident person in Singapore; and
(c)
not effectively connected with any permanent establishment in Singapore.