Singapore legislation
Regulation 2
of Income Tax (Minerva Bunkering Pte. Ltd. — Section 13(4) Exemption) Notification 2024
Regulation 2
Exemption
Subregulation 1
Subject to sub‑paragraph (2), the interest, commission, fee and other payments in connection with a receivables financing facility with a facility amount of US$400 million entered into between Minerva Bunkering Pte. Ltd. and the following financial institutions on 16 March 2021:
MUFG Bank Ltd, London Branch;
MUFG Bank Ltd, Singapore Branch;
DBS Bank Ltd,payable by Minerva Bunkering Pte. Ltd. to MUFG Bank Ltd, London Branch, from 16 March 2021 to 31 December 2021 (both dates inclusive), are exempt from tax.
Subregulation 2
The exemption in sub‑paragraph (1) is subject to the conditions specified in the letter from the Ministry of Finance dated 23 August 2020 and addressed to Mercuria Energy Group Limited.