Regulation 1
Citation and commencement
This Notification is the Income Tax (Agrocorp International Pte Ltd — Section 13(4) Exemption) Notification 2023 and is deemed to have come into operation on 1 May 2022.
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Income Tax (Agrocorp International Pte Ltd — Section 13(4) Exemption) Notification 2023 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S813-2023 1947, currently marked in force and first recorded in 1947.
Citation and commencement
This Notification is the Income Tax (Agrocorp International Pte Ltd — Section 13(4) Exemption) Notification 2023 and is deemed to have come into operation on 1 May 2022.
Exemption
Subject to sub‑paragraph (2), the interest, commission, fee and other payments payable by Agrocorp International Pte Ltd from 1 May 2022 to 31 March 2025 (both dates inclusive) to the lenders mentioned in the first column of the following table in connection with the respective maximum amounts of facility or loan quantum of foreign trade financing facility mentioned in the second column of the table, is exempt from tax:First columnSecond columnLenderMaximum amount of facility or loan quantum of foreign trade financing facility per yearNederlandse Financierings‑Maatschappij voor Ontwikkelingslanden N.V.US$50 millionMashreqbank PSCUS$45 millionAbu Dhabi Commercial Bank PJSCUS$45 millionBanque Cantonale de GeneveCHF40 millionGarantiBank N.V.US$30 million
The exemption in sub‑paragraph (1) is subject to the conditions specified in the letter from the Ministry of Finance dated 20 October 2023 and addressed to Agrocorp International Pte Ltd.
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