Singapore legislation

Regulation 2

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

Regulation 2

Exemption

Subregulation 1

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”).

Subregulation 2

The exemption under sub-paragraph (1) —

(a)

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

(b)

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

(i)

20th November 2013;

(ii)

the date of termination of the Loan Agreement; or

(iii)

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

Read in full context — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2013 →