Singapore legislation

Regulation 2

of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 7) Notification 2005

Regulation 2

Exemption

Amended byS 32/2012 wef 01/01/2009

Subregulation 1

There shall be exempt from tax the interest payable by an approved international shipping enterprise on an approved loan to a lender outside Singapore, subject to the conditions imposed by the Minister and notified to the approved international shipping enterprise.

Subregulation 2

In this paragraph —

Definition

“approved international shipping enterprise” means a company approved as an international shipping enterprise under section 13F of the Act;

Definition

“approved loan” means a loan or other arrangement similar in nature to a loan in a currency other than Singapore dollars approved for the purposes of sub-paragraph (1) by the Minister;

Definition

“interest” includes any front-end and commitment fees payable under an approved loan to a lender outside Singapore.

Subregulation 3

Amended byS 32/2012 wef 01/01/2009

This paragraph only applies in relation to an approved loan that was approved by the Minister before 1st January 2009.

Read in full context — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 7) Notification 2005 →