Regulation 1
Citation
This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2004.
/akn/sg/act/sub_leg/1947/ITA-S17-2004
Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2004
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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) Notification 2004 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S17-2004 1947, currently marked in force and first recorded in 1947.
Regulation 2
Exemption
Subregulation 1
Subject to paragraph 3, there shall be exempt from withholding tax the interest payable under a loan by a shipping enterprise to a lender outside Singapore in respect of any ship registered by the shipping enterprise as a Singapore ship during the period from 1st November 2003 to 31st December 2008 (both dates inclusive) if —
(a)
the purpose of the loan is to finance the acquisition of the ship; and (b)the shipping enterprise has satisfied the requirements specified in the Schedule under the Block Transfer Scheme administered by the Maritime and Port Authority of Singapore and such terms and conditions as that Authority may impose.
Subregulation 2
In this paragraph —
Definition
“interest” includes any front-end and commitment fees payable under a loan to a lender outside Singapore;
Definition
“shipping enterprise” and “Singapore ship” have the same meanings as in section 13A(16) of the Act.
Regulation 3
Withdrawal of exemption
Subregulation 1
The Minister may withdraw the exemption granted under paragraph 2 to a shipping enterprise in respect of any Singapore ship if —
(a)
the ship ceases to be registered as a Singapore ship; or
(b)
the certificate of registry of the Singapore ship is suspended for any reason.
Subregulation 2
Any withdrawal under sub-paragraph (1) shall not affect the exemption granted under paragraph 2 to a shipping enterprise in respect of any other ships that are registered as Singapore ships by the shipping enterprise.
Common questions
- What is Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2004?
- Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2004 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S17-2004 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) Notification 2004 still in force?
- Yes — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2004 is currently in force.
- When did Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2004 take effect?
- Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2004 was first recorded in 1947.
- How many regulations does Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2004 have?
- Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2004 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) Notification 2004?
- The official text of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2004 is published at sso.agc.gov.sg.