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Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2014

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Type
Subsidiary Legislation
Status
In force
Enacted
1947
Sections
2

Quick answer

About this subsidiary legislation

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2014 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S410-2014 1947, currently marked in force and first recorded in 1947.

Regulation 1

Citation and commencement

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This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2014 and shall be deemed to have come into operation on 9th December 2013.

Regulation 2

Exemption

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Subregulation 1

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There shall be exempt from tax the interest payable by F.H. Bertling Istria Shipping Pte. Ltd. to NIBC Bank N.V. on a loan granted under the Loan Agreement dated 6th December 2013 (referred to in this Notification as the Loan Agreement), that is used for partially financing the acquisition of the vessel “MV Istria”.

Subregulation 2

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The exemption under sub‑paragraph (1) —

(a)

is subject to the terms and conditions specified in the letter of approval dated 31st March 2014 issued by the Ministry of Finance and addressed to the Maritime and Port Authority of Singapore;

(b)

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

(i)

16th March 2020;

(ii)

the date of termination of the Loan Agreement;

(iii)

the date on which F.H. Bertling Istria Shipping Pte. Ltd. transfers or disposes of the vessel “MV Istria”;

(iv)

the date on which both of the following conditions are satisfied:

(A)

the registry of the vessel “MV Istria” is closed, deemed to be closed or suspended under the Merchant Shipping Act (Cap. 179);

(B)

the approval of F.H. Bertling Istria Shipping Pte. Ltd. as an approved international shipping enterprise under section 13F of the Income Tax Act is revoked or withdrawn.

Common questions

What is Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2014?
Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2014 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S410-2014 1947, currently marked in force and first recorded in 1947.
Is Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2014 still in force?
Yes — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2014 is currently in force.
When did Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2014 take effect?
Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2014 was first recorded in 1947.
How many regulations does Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2014 have?
Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2014 contains 2 regulations.
Where can I read the official version of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2014?
The official text of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2014 is published at sso.agc.gov.sg.