Singapore legislation

Regulation 2

of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2015

Regulation 2

Exemption

Subregulation 1

There shall be exempt from tax the interest payable on or after 24 April 2014 by MTM Antwerp Pte Ltd. to Nissin Unyu Co., Ltd. under a Bareboat Chartering Agreement dated 2 April 2014 for the leasing of the vessel “MTM Antwerp” (referred to in this Notification as the vessel).

Subregulation 2

The exemption under sub‑paragraph (1) —

(a)

is subject to the terms and conditions specified in the letter of approval dated 23 September 2014 issued by the Ministry of Finance and addressed to MTM Antwerp Pte Ltd.; and

(b)

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

(i)

22 April 2019;

(ii)

the date of termination of the Bareboat Chartering Agreement;

(iii)

the date of transfer or disposal of the vessel;

(iv)

the date immediately preceding the date of closure or deemed closure or suspension of the registry of the vessel under the Merchant Shipping Act (Cap. 179).

Read in full context — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2015 →