Economic Expansion Incentives (Relief from Income Tax) Act 1967 · 2020 Revised Edition · Part 6 · Foreign Loans for Productive Equipment
36. Exemption of additional interest on approved foreign loan from tax
Feedback & supportSubject to subsection (3), section 35 applies to any additional interest payable on an approved foreign loan by reason of any arrangement whereby the period within which the loan must be repaid in full has been extended.
approved foreign loan
“approved foreign loan” means a loan which is approved under section 33 to be an approved foreign loan;
The rate of interest payable in respect of any such extended period must not, without the prior sanction of the Minister, be higher than the rate of interest specified in the certificate relating to the approved foreign loan.
certificate
“certificate” includes a letter or other document issued by the Minister to a company pursuant to an application made by the company under a provision of this Act;
Any company making any such arrangement must give written notice thereof to the Minister within 30 days from the date on which the arrangement is made.[60
company
“company” means any company incorporated or registered in accordance with the provisions of any written law relating to companies;