Singapore legislation
Regulation 7
of Income Tax (Shipping Enterprises — Section 13(4) Exemption) Notification 2025
Regulation 7
Other provisions applicable to exemptions under paragraphs 5 and 6
Subregulation 1
For the purposes of paragraphs 5 and 6, a qualifying payment under an agreement for an applicable loan excludes interest on any part of the principal of the loan that is capitalised interest on the loan.
Subregulation 2
Where an applicable loan is obtained by the shipping enterprise for the purpose of financing qualifying payments on a previous loan mentioned in paragraph 3(2)(f), the exemption under paragraph 5 or 6 does not apply to interest on any part of the principal of the applicable loan that is used to finance interest on any part of the principal of the previous loan that is capitalised interest on the previous loan.
Subregulation 3
The exemption under paragraph 5 or 6 does not apply to any qualifying payment liable to be made —
on or after the day that the shipping enterprise fails to satisfy any condition imposed by the Minister mentioned in paragraph 5(1) or 6(1), as the case may be; or
after the day that the shipping enterprise disposes of any of its shares in the special purpose vehicle, if the loan is for, or one of the purposes of the loan is for, a purpose mentioned in paragraph 3(2)(b), (c), (d) or (f)(ii), (iii) or (iv).