Singapore legislation
Regulation 2
of Income Tax (Grace Ocean Private Limited — Section 13(4) Exemption) Notification 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:
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;
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.