/akn/sg/act/sub_leg/1947/ITA-N13

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

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Type: Subsidiary Legislation
Status: In force
Enacted: 1947
Sections: 3

Quick answer

About this subsidiary legislation

Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-N13 1947, currently marked in force and first recorded in 1947.

Regulation 1

Citation

This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification.

Regulation 2

Exemption

Amended byS 331/2024 wef 04/11/2022S 331/2024 wef 01/01/2023S 331/2024 wef 04/11/2022S 331/2024 wef 04/11/2022S 331/2024 wef 15/04/2024S 331/2024 wef 15/04/2024S 796/2018 wef 10/12/2018

Subregulation 1

Amended byS 331/2024 wef 04/11/2022S 331/2024 wef 01/01/2023S 331/2024 wef 04/11/2022S 331/2024 wef 04/11/2022

This paragraph applies to any payment —

(a)

made by a Singapore swap counterparty to an issuer of Singapore dollar debt securities who is not resident in Singapore;

(b)

that is not derived through any operation carried on by the issuer through the issuer’s permanent establishment in Singapore; and

(c)

that is liable to be made —

(i)

under a contract for a cross currency swap transaction, where the contract takes effect on a date that falls within the period from 3 March 1999 to 31 December 2026 (both dates inclusive) (called in this sub‑paragraph the relevant period); (ii)under a contract for a cross currency swap transaction that is extended or renewed, where —

(A)

the extension or renewal of the contract takes effect on a date that falls within the relevant period; and

(B)

the payment is made on or after the date on which such extension or renewal takes effect; or

(iii)

under a contract for a cross currency swap transaction that is varied, where —

(A)

the variation of the contract takes effect on a date that falls within the period from 4 November 2022 to 31 December 2026 (both dates inclusive); and (B)the payment is made on or after the date on which such variation takes effect.

Subregulation 1A

Amended byS 331/2024 wef 15/04/2024

However, this paragraph does not apply to a payment liable to be made —

(a)

under a contract for a cross currency swap transaction mentioned in sub-paragraph (1)(c)(i), (ii) and (iii), that is varied with effect from a date on or after 1 January 2027; and (b)on or after the date on which such variation takes effect.

Subregulation 2

Amended byS 331/2024 wef 15/04/2024S 796/2018 wef 10/12/2018

Subject to paragraph 3, any payment to which this paragraph applies is exempt from tax.

Regulation 3

Terms and conditions of exemption

Amended byG.N. No. S 206/99

The exemption under paragraph 2 shall apply only if the following terms and conditions are satisfied:

(a)

the issuer has been approved by the Monetary Authority of Singapore (the Authority) to issue Singapore dollar debt securities under the Authority’s guidelines on internationalisation of the Singapore dollar (the Internationalisation Guidelines);

(b)

the Singapore swap counterparty is a licensed bank or merchant bank or any other institution specifically approved by the Authority to enter into the cross currency swap transaction; and

(c)

the cross currency swap transaction is entered into pursuant to the requirements of the Internationalisation Guidelines to convert the proceeds from the Singapore-dollar denominated debt securities into foreign currency.

Common questions

What is Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification?: Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-N13 1947, currently marked in force and first recorded in 1947.
Is Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification still in force?: Yes — Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification is currently in force.
When did Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification take effect?: Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification was first recorded in 1947.
How many regulations does Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification have?: Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification contains 3 regulations.
Where can I read the official version of Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification?: The official text of Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification is published at sso.agc.gov.sg.