Regulation 1
Citation and commencement
This Notification is the Income Tax (Asia Liberty Pte. Ltd., etc. — Section 13(4) Exemption) Notification 2022 and is deemed to have come into operation on 26 February 2021.
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Income Tax (Asia Liberty Pte. Ltd., etc. — Section 13(4) Exemption) Notification 2022 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S160-2022 1947, currently marked in force and first recorded in 1947.
Citation and commencement
This Notification is the Income Tax (Asia Liberty Pte. Ltd., etc. — Section 13(4) Exemption) Notification 2022 and is deemed to have come into operation on 26 February 2021.
Exemption
The arrangement fee of USD 468,000 paid on 26 February 2021 by Asia Liberty Pte. Ltd. and Asia Inspire Pte. Ltd. to Credit Suisse AG for a loan granted under a loan agreement dated 24 February 2021 to refinance the acquisition of 2 Singapore‑flagged vessels “Asia Liberty” and “Asia Inspire” is exempt from tax.
The exemption under sub‑paragraph (1) is subject to the terms and conditions specified in the letter of approval dated 25 February 2022 issued by the Ministry of Finance and addressed to Asia Liberty Pte. Ltd. and Asia Inspire Pte. Ltd.
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