/akn/sg/act/sub_leg/1947/ITA-S855-2021

Income Tax (Grace Ocean Private Limited — Section 13(4) Exemption) Notification 2021

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: 3

Quick answer

About this subsidiary legislation

Income Tax (Grace Ocean Private Limited — Section 13(4) Exemption) Notification 2021 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S855-2021 1947, currently marked in force and first recorded in 1947.

Regulation 1

Citation and commencement

This Notification is the Income Tax (Grace Ocean Private Limited — Section 13(4) Exemption) Notification 2021.(2) Paragraph 2 is deemed to have come into operation on 23 March 2020.(3) Paragraph 3 is deemed to have come into operation on 23 January 2021.

Subregulation 1

This Notification is the Income Tax (Grace Ocean Private Limited — Section 13(4) Exemption) Notification 2021.

Subregulation 2

Paragraph 2 is deemed to have come into operation on 23 March 2020.

Subregulation 3

Paragraph 3 is deemed to have come into operation on 23 January 2021.

Regulation 2

Exemption for purchase of CS Best

Subregulation 1

The front‑end fees and interest payable by Grace Ocean Private Limited to The Hiroshima Bank, Ltd in respect of the following amounts under a loan agreement dated 25 March 2011 as amended under the respective supplemental agreements, being a loan made for the purpose of financing the acquisition of the vessel “CS Best”, are exempt from tax:

(a)

USD 4,079,530.82 outstanding as at 9 March 2020 under the loan agreement as amended by supplemental agreements dated 25 August 2015, 18 January 2017 and 9 March 2020;

(b)

JPY 248,140,437 outstanding as at 18 January 2021 under the loan agreement as amended by supplemental agreements dated 25 August 2015, 18 January 2017, 9 March 2020 and 18 January 2021.

Subregulation 2

The exemption under sub‑paragraph (1) is subject to the terms and conditions specified in the letter of approval dated 16 August 2021 and sent to Grace Ocean Private Limited.

Regulation 3

Exemption for purchase of CS Service

Subregulation 1

The front‑end fees and interest payable by Grace Ocean Private Limited to The Hiroshima Bank, Ltd in respect of an outstanding loan amount of JPY 365,898,592 as at 18 January 2021 under a loan agreement dated 11 April 2011 (as amended by supplemental agreements dated 25 August 2015, 7 December 2017 and 18 January 2021), being a loan made for the purpose of financing the acquisition of the vessel “CS Service”, are exempt from tax.

Subregulation 2

The exemption under sub‑paragraph (1) is subject to the terms and conditions specified in the letter of approval dated 16 August 2021 and sent to Grace Ocean Private Limited.

Common questions

What is Income Tax (Grace Ocean Private Limited — Section 13(4) Exemption) Notification 2021?: Income Tax (Grace Ocean Private Limited — Section 13(4) Exemption) Notification 2021 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S855-2021 1947, currently marked in force and first recorded in 1947.
Is Income Tax (Grace Ocean Private Limited — Section 13(4) Exemption) Notification 2021 still in force?: Yes — Income Tax (Grace Ocean Private Limited — Section 13(4) Exemption) Notification 2021 is currently in force.
When did Income Tax (Grace Ocean Private Limited — Section 13(4) Exemption) Notification 2021 take effect?: Income Tax (Grace Ocean Private Limited — Section 13(4) Exemption) Notification 2021 was first recorded in 1947.
How many regulations does Income Tax (Grace Ocean Private Limited — Section 13(4) Exemption) Notification 2021 have?: Income Tax (Grace Ocean Private Limited — Section 13(4) Exemption) Notification 2021 contains 3 regulations.
Where can I read the official version of Income Tax (Grace Ocean Private Limited — Section 13(4) Exemption) Notification 2021?: The official text of Income Tax (Grace Ocean Private Limited — Section 13(4) Exemption) Notification 2021 is published at sso.agc.gov.sg.