/akn/sg/act/sub_leg/1947/ITA-S125-2015

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2015

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Type: Subsidiary Legislation
Status: In force
Enacted: 1947
Sections: 3

Quick answer

About this subsidiary legislation

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2015 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S125-2015 1947, currently marked in force and first recorded in 1947.

Regulation 1

Citation and commencement

This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2015 and is deemed to have come into operation on 15 May 2011.

Regulation 2

Definitions

In this Notification, unless the context otherwise requires —“loan amount” means the sum of US$95.04 million lent by PDV Marina S.A. to CV Shipping Pte. Ltd. under the Shareholders’ Loan Agreement;“Shareholders’ Loan Agreement” means the shareholders’ loan agreement dated 8 June 2011, entered into by PDV Marina S.A., Petrochina International (Singapore) Pte. Ltd. and CV Shipping Pte. Ltd. for the purpose of enabling CV Shipping Pte. Ltd. to extend loans to the following wholly‑owned subsidiaries of CV Shipping Pte. Ltd. for the purposes specified against them:

(a)

Ayacucho Shipping Pte. Ltd., for the purpose of financing the construction of the vessel “Ayacucho”;

(b)

Boyaca Shipping Pte. Ltd., for the purpose of financing the construction of the vessel “Boyaca”;

(c)

Carabobo Shipping Pte. Ltd., for the purpose of financing the construction of the vessel “Carabobo”;

(d)

Junin Shipping Pte. Ltd., for the purpose of financing the construction of the vessel “Junin”.

Definition

“loan amount” means the sum of US$95.04 million lent by PDV Marina S.A. to CV Shipping Pte. Ltd. under the Shareholders’ Loan Agreement;

Definition

“Shareholders’ Loan Agreement” means the shareholders’ loan agreement dated 8 June 2011, entered into by PDV Marina S.A., Petrochina International (Singapore) Pte. Ltd. and CV Shipping Pte. Ltd. for the purpose of enabling CV Shipping Pte. Ltd. to extend loans to the following wholly‑owned subsidiaries of CV Shipping Pte. Ltd. for the purposes specified against them:

(a)

Ayacucho Shipping Pte. Ltd., for the purpose of financing the construction of the vessel “Ayacucho”;

(b)

Boyaca Shipping Pte. Ltd., for the purpose of financing the construction of the vessel “Boyaca”;

(c)

Carabobo Shipping Pte. Ltd., for the purpose of financing the construction of the vessel “Carabobo”;

(d)

Junin Shipping Pte. Ltd., for the purpose of financing the construction of the vessel “Junin”.

Regulation 3

Exemption

Subregulation 1

Interest paid or payable by CV Shipping Pte. Ltd. to PDV Marina S.A. on the loan amount is exempt from tax.

Subregulation 2

The exemption under sub‑paragraph (1) —

(a)

is subject to the terms and conditions specified in the letters of approval dated 12 September 2011 and 27 August 2013 issued by the Ministry of Finance and addressed to CV Shipping Pte. Ltd.; (b)does not apply to any interest payable after the earlier of the following:

(i)

the date on which all outstanding principal and interest under the Shareholders’ Loan Agreement are fully repaid;

(ii)

the date of termination of the Shareholders’ Loan Agreement; and

(c)

where any particular vessel is disposed of, does not apply to any interest payable after the date of the disposal on the part of the loan amount corresponding to the amount lent by CV Shipping Pte. Ltd. to the relevant wholly‑owned subsidiary in the definition of “Shareholders’ Loan Agreement” in paragraph 2, for the purpose of financing the construction of that vessel.

Common questions

What is Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2015?: Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2015 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S125-2015 1947, currently marked in force and first recorded in 1947.
Is Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2015 still in force?: Yes — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2015 is currently in force.
When did Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2015 take effect?: Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2015 was first recorded in 1947.
How many regulations does Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2015 have?: Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2015 contains 3 regulations.
Where can I read the official version of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2015?: The official text of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2015 is published at sso.agc.gov.sg.