Singapore legislation
Regulation 10
of Income Tax (Shipping Enterprises — Section 13(4) Exemption) Notification 2025
Regulation 10
Meaning of “applicable finance lease”
In this Notification —
an applicable finance lease, in relation to a shipping enterprise (including an approved international shipping enterprise and an approved shipping investment enterprise), is a lease of one or more ships (at least one of which meets the registration requirement) under a finance lease entered into by the shipping enterprise before 12 December 2018 and that is treated as a sale pursuant to regulations made under section 10C of the Act; and
an applicable finance lease, in relation to an approved international shipping enterprise or approved shipping investment enterprise, is a lease of one or more ships (at least one of which is a foreign ship) under a finance lease entered into by the approved international shipping enterprise or approved shipping investment enterprise before 12 December 2018 and that is treated as a sale pursuant to regulations made under section 10C of the Act.