/akn/sg/act/sub_leg/1947/ITA-S465-2014

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 6) Notification 2014

The full official text, structured for quick navigation. Copy any provision or jump straight to a section.

Type: Subsidiary Legislation
Status: In force
Enacted: 1947
Sections: 4

Quick answer

About this subsidiary legislation

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 6) Notification 2014 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S465-2014 1947, currently marked in force and first recorded in 1947.

Regulation 1

Citation and commencement

This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 6) Notification 2014.(2) Paragraph 2 shall be deemed to have come into operation on 25th July 2013.(3) Paragraph 3 shall be deemed to have come into operation on 22nd July 2013.(4) Paragraph 4 shall be deemed to have come into operation on 2nd August 2013.

Subregulation 1

This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 6) Notification 2014.

Subregulation 2

Paragraph 2 shall be deemed to have come into operation on 25th July 2013.

Subregulation 3

Paragraph 3 shall be deemed to have come into operation on 22nd July 2013.

Subregulation 4

Paragraph 4 shall be deemed to have come into operation on 2nd August 2013.

Regulation 2

Exemption of interest and commitment fees payable by Wellard Ships Pte. Ltd.

Subregulation 1

There shall be exempt from tax the interest and commitment fees payable by Wellard Ships Pte. Ltd. to NIBC Bank N.V. on a loan granted under the Loan Agreement dated 28th October 2011 and the Transfer Certificate dated 6th August 2013, for partially financing the construction and pre‑delivery financing of the vessel “Ocean Shearer”.

Subregulation 2

The exemption under sub‑paragraph (1) —

(a)

is subject to the terms and conditions specified in the letter of approval dated 27th September 2013, issued by the Ministry of Finance and addressed to the Maritime and Port Authority of Singapore; and

(b)

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

(i)

31st December 2023;

(ii)

the date of termination of the loan;

(iii)

the date on which the vessel referred to in sub‑paragraph (1) is transferred or disposed of by Wellard Ships Pte. Ltd.;

(iv)

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

(A)

the registry of the vessel referred to in sub‑paragraph (1) is closed, deemed to be closed or suspended under the Merchant Shipping Act (Cap. 179);

(B)

Wellard Ships Pte. Ltd. ceases to be an approved international shipping enterprise under section 13F of the Act because of the revocation or withdrawal of the approval.

Regulation 3

Exemption of interest payable by F.H. Bertling Galicia Shipping Pte. Ltd.

Subregulation 1

There shall be exempt from tax the interest payable by F.H. Bertling Galicia Shipping Pte. Ltd. to NIBC Bank N.V. on a loan granted under the Loan Agreement dated 25th February 2013 and the Transfer Certificate dated 14th August 2013, for partially financing the construction of the vessel “MV Alentejo”.

Subregulation 2

The exemption under sub‑paragraph (1) —

(a)

is subject to the terms and conditions specified in the letter of approval dated 27th September 2013 issued by the Ministry of Finance and addressed to the Maritime and Port Authority of Singapore; and

(b)

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

(i)

15th December 2019;

(ii)

the date of termination of the loan;

(iii)

the date on which the vessel referred to in sub‑paragraph (1) is transferred or disposed of by F.H. Bertling Galicia Shipping Pte. Ltd.;

(iv)

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

(A)

the registry of the vessel referred to in sub‑paragraph (1) is closed, deemed to be closed or suspended under the Merchant Shipping Act (Cap. 179);

(B)

F.H. Bertling Galicia Shipping Pte. Ltd. ceases to be an approved international shipping enterprise under section 13F of the Act because of the revocation or withdrawal of the approval.

Regulation 4

Exemption of interest payable by Mercator Lines (Singapore) Limited

Subregulation 1

There shall be exempt from tax the interest payable by Mercator Lines (Singapore) Limited to NIBC Bank N.V. on a loan granted under the Loan Agreement dated 4th June 2007 and the Transfer Certificate dated 26th July 2013, for partially financing the acquisition of the following vessels:

(a)

“Garv Prem”;

(b)

“Gaurav Prem”;

(c)

“Sri Prem Veena”;

(d)

“Garima Prem”.

Subregulation 2

The amount of interest payable by Mercator Lines (Singapore) Limited to NIBC Bank N.V. under the Loan Agreement referred to in sub‑paragraph (1) on any date (referred to in this sub‑paragraph as the reference date) that is exempt from tax under sub‑paragraph (1) shall be determined in accordance with the following formula:where Ais the amount of the loan granted under the Loan Agreement referred to in sub‑paragraph (1);Bis the part of the loan used by Mercator Lines (Singapore) Limited to partially finance the acquisition of those vessels referred to in sub‑paragraph (1)(a) to (d) which have been transferred or disposed of by Mercator Lines (Singapore) Limited as of the reference date; andCis the amount of interest that is payable by Mercator Lines (Singapore) Limited to NIBC Bank N.V. under the Loan Agreement referred to in sub‑paragraph (1) on the reference date.

Subregulation 3

The exemption under sub‑paragraph (1) —

(a)

(i)

23rd June 2017;

(ii)

the date of termination of the loan;

(iii)

the date on which Mercator Lines (Singapore) Limited ceases to be an approved international shipping enterprise under section 13F of the Act because of the revocation or withdrawal of the approval.

Common questions

What is Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 6) Notification 2014?: Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 6) Notification 2014 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S465-2014 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. 6) Notification 2014 still in force?: Yes — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 6) Notification 2014 is currently in force.
When did Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 6) Notification 2014 take effect?: Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 6) 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. 6) Notification 2014 have?: Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 6) Notification 2014 contains 4 regulations.
Where can I read the official version of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 6) Notification 2014?: The official text of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 6) Notification 2014 is published at sso.agc.gov.sg.