Singapore legislation

Regulation 2

of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2005

Regulation 2

Exemption

Subregulation 1

Subject to sub-paragraph (2), there shall be exempt from tax the following payments made by Dong Ya Tankers Pte. Ltd., Nan Guang Maritime Pte. Ltd. and Da Xin Tankers Pte. Ltd.: (a)interest payments to Deutsche Schiffsbank AG during the period 30th December 2004 to 30th January 2009 (both dates inclusive); and

(b)

the legal fees and other payments payable,under the Loan Agreement dated 30th December 2004 in respect of a US$33 million loan for the purpose of financing the construction of 6 ships.

Subregulation 2

The exemption under sub-paragraph (1) is subject to the condition that Dong Ya Tankers Pte. Ltd., Nan Guang Maritime Pte. Ltd. and Da Xin Tankers Pte. Ltd. have registered the 6 ships with the Singapore Registry of Ships by —

(a)

31st March 2008; or

(b)

such later date as the Minister may, on the application of Dong Ya Tankers Pte. Ltd., Nan Guang Maritime Pte. Ltd. or Da Xin Tankers Pte. Ltd., allow.

Read in full context — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2005 →