Singapore legislation

Regulation 12

of Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development Loans) (Consolidation) Notification

Regulation 12

Amended byS 402/97

Subregulation 1

There shall be exempt from tax the interest payable under the US$1.5 billion Global Medium Term Note Programme by the Siam Commercial Bank Public Company Limited to any noteholder who is —

(a)

an individual who is not resident in Singapore; or

(b)

a person, other than an individual, who is neither a resident of nor a permanent establishment in Singapore.

Subregulation 2

Amended byS 402/97

The exemption is subject to the terms and conditions specified in the Ministry of Finance’s letter of approval dated 24th May 1997 and the Annexes thereto.

Read in full context — Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development Loans) (Consolidation) Notification →