Singapore legislation
Regulation 6
of Income Tax (Shipping Enterprises — Section 13(4) Exemption) Notification 2025
Regulation 6
Specific exemption of pre‑delivery payment amounts under applicable loan obtained by shipping enterprise
Subregulation 1
Subject to sub‑paragraph (2), paragraphs 7 and 9 and the conditions imposed by the Minister under section 13(4) of the Act, where —
an applicable loan is obtained by a shipping enterprise; and
any of the purposes specified in paragraph 3(2) for which the applicable loan is obtained relates to a ship that is under construction on the applicable date,any pre‑delivery payment amount in relation to that ship that the shipping enterprise is liable to make on or after 24 February 2015 under the agreement for the applicable loan is exempt from tax.
Subregulation 2
The exemption under sub‑paragraph (1) is subject to the condition that the ship is registered or provisionally registered under the Merchant Shipping Act 1995 for at least one year starting on the date of the delivery of the ship to the shipping enterprise or special purpose vehicle, as the case may be.