Singapore legislation

Regulation 3

of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2015

Regulation 3

Exemption

Subregulation 1

Interest paid or payable by CV Shipping Pte. Ltd. to PDV Marina S.A. on the loan amount is exempt from tax.

Subregulation 2

The exemption under sub‑paragraph (1) —

(a)

is subject to the terms and conditions specified in the letters of approval dated 12 September 2011 and 27 August 2013 issued by the Ministry of Finance and addressed to CV Shipping Pte. Ltd.; (b)does not apply to any interest payable after the earlier of the following:

(i)

the date on which all outstanding principal and interest under the Shareholders’ Loan Agreement are fully repaid;

(ii)

the date of termination of the Shareholders’ Loan Agreement; and

(c)

where any particular vessel is disposed of, does not apply to any interest payable after the date of the disposal on the part of the loan amount corresponding to the amount lent by CV Shipping Pte. Ltd. to the relevant wholly‑owned subsidiary in the definition of “Shareholders’ Loan Agreement” in paragraph 2, for the purpose of financing the construction of that vessel.

Read in full context — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2015 →