Singapore legislation

Regulation 3

of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2019

Regulation 3

Exemption

Subregulation 1

Qualifying payments payable by Mercuria Asia Group Holdings Pte Ltd, a company with an approved Finance and Treasury Centre under section 43G of the Act —

(a)

to a specified lender under the syndicated revolving credit facilities or the JPY‑denominated loan;

(b)

in respect of the portion of funds obtained under the syndicated revolving credit facilities or the JPY‑denominated loan that are used by Mercuria Asia Group Holdings Pte Ltd for any of the qualifying activities and qualifying services prescribed in regulations made under section 43G(1) of the Act; and

(c)

during the period starting on 14 December 2017 and ending on the date the Finance and Treasury Centre of Mercuria Asia Group Holdings Pte Ltd ceases to be a Finance and Treasury Centre approved under section 43G of the Act, are exempt from tax.

Subregulation 2

The exemption under sub‑paragraph (1) is subject to the conditions specified in the letter of approval dated 6 July 2018 and addressed to Ernst & Young Solutions LLP, tax advisor of Mercuria Asia Group Holdings Pte Ltd.

Read in full context — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2019 →