Singapore legislation

Regulation 4

of Income Tax (Remission of Tax for Shipping Enterprises) Order 2013

Regulation 4

Remission in relation to sale of special purpose company

There shall be remitted the tax on the income derived by a shipping enterprise or an approved international shipping enterprise, as the case may be, where —

(a)

the income is derived during the period from 16th February 2008 to 31st May 2011 (both dates inclusive); and

(b)

the income comprises gains derived from the sale of the entire ordinary shareholding of the enterprise in a wholly‑owned special purpose company whose only business is operating ships and —

(i)

in the case of the shipping enterprise, at the time of the sale of the shares by the enterprise, the special purpose company —

(A)

owns one or more ships registered (provisionally or otherwise) under the Merchant Shipping Act (Cap. 179) and does not own any ship registered under a foreign registry; or

(B)

is the buyer under a contract for the construction of any ship which is, at that time, provisionally registered under the Merchant Shipping Act and does not own any ship registered under a foreign registry; and

(ii)

in the case of the approved international shipping enterprise, at the time of the sale of the shares by the enterprise, the special purpose company —

(A)

owns any ship registered (provisionally or otherwise) under any shipping registry, including under the Merchant Shipping Act; or

(B)

is the buyer under a contract for the construction of any ship which is, at that time, registered (provisionally or otherwise) under any shipping registry, including under the Merchant Shipping Act.

Read in full context — Income Tax (Remission of Tax for Shipping Enterprises) Order 2013 →