Regulation 1
Citation and commencement
This Notification is the Income Tax (Minerva Bunkering Pte. Ltd., etc. — Section 13(4) Exemption) Notification 2024 and is deemed to have come into operation on 1 January 2022.
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Income Tax (Minerva Bunkering Pte. Ltd., etc. — Section 13(4) Exemption) Notification 2024 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S183-2024 1947, currently marked in force and first recorded in 1947.
Citation and commencement
This Notification is the Income Tax (Minerva Bunkering Pte. Ltd., etc. — Section 13(4) Exemption) Notification 2024 and is deemed to have come into operation on 1 January 2022.
Exemption
The interest, commission, fee and other payments payable during the period from 1 January 2022 to 31 December 2025 (both dates inclusive) —
by the borrowers mentioned in the first column of the following table;
to the respective lenders mentioned in the second column of the table;
in respect of the respective loan amounts mentioned in the third column of the table; and
under the respective agreements mentioned in the fourth column of the table,are exempt from tax:First columnSecond columnThird columnFourth columnBorrowerLenderLoan amount (US$)AgreementMinerva Bunkering Pte. Ltd.MUFG Bank Ltd, London Branch100 millionReceivables financing facility dated 10 March 2022Minerva Bunkering Pte. Ltd.Sumitomo Mitsui Banking Corporation, Brussels Branch30 millionBilateral trade finance facility dated 11 June 2021Minerva Bunkering Pte. Ltd.MUFG Bank Ltd, London Branch595 millionBilateral trade finance facility dated 10 September 2021Minerva Bunkering Pte. Ltd.Société Générale1,500 millionBilateral trade finance facility dated 29 March 2021Minerva Bunkering Pte. Ltd.UBS Switzerland AG450 millionBilateral trade finance facility dated 16 May 2019Mercuria Dry Bulk Pte. Ltd.CA Indosuez (Switzerland) SA50 millionBilateral trade finance facility dated 16 May 2019Mercuria Dry Bulk Pte. Ltd.Sumitomo Mitsui Banking Corporation, Brussels740 millionBilateral trade finance facility dated 11 June 2021Mercuria Dry Bulk Pte. Ltd.MUFG Bank Ltd, London Branch595 millionBilateral trade finance facility dated 10 September 2021Mercuria Dry Bulk Pte. Ltd.Bank of China Limited, London Branch25 millionBilateral trade finance facility dated 4 September 2020Mercuria Dry Bulk Pte. Ltd.Nedbank Limited, London Branch25 millionBilateral trade finance facility dated 24 November 2021
The exemption in sub-paragraph (1) is subject to the conditions specified in the letter from the Ministry of Finance dated 4 January 2024 and addressed to Mercuria Asia Resources Pte. Ltd.
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