Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2013

This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2013 and shall be deemed to have come into operation on 22nd January 2013.

There shall be exempt from tax, the interest payable by Kambara Kisen Singapore Pte Ltd to Chijin Shipping S.A. on a loan granted under the Loan Agreement dated 21st November 2012, for partially financing the purchase of the vessel “Triple Ever” (referred to in this Notification as “the vessel”).

The exemption under sub-paragraph (1) —

is subject to the terms and conditions specified in the letter of approval dated 5th March 2013 issued by the Ministry of Finance and addressed to Kambara Kisen Singapore Pte Ltd; and

shall not apply to any interest payable after the earliest of the following:

20th November 2013;

the date of termination of the Loan Agreement; or

the date on which the vessel is transferred or disposed of by Kambara Kisen Singapore Pte Ltd.

There shall be exempt from tax, the interest payable by Kambara Kisen Singapore Pte Ltd to Chijin Shipping S.A. on a loan granted under the Loan Agreement dated 21st November 2012, for partially financing the purchase of the vessel “Triple Ever” (referred to in this Notification as “the vessel”).

The exemption under sub-paragraph (1) —

is subject to the terms and conditions specified in the letter of approval dated 5th March 2013 issued by the Ministry of Finance and addressed to Kambara Kisen Singapore Pte Ltd; and

shall not apply to any interest payable after the earliest of the following:

20th November 2013;

the date of termination of the Loan Agreement; or

the date on which the vessel is transferred or disposed of by Kambara Kisen Singapore Pte Ltd.