Singapore legislation

Regulation 3

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

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.

Read in full context — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 6) Notification 2014 →