Singapore legislation

Regulation 2

of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2004

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.

Read in full context — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2004 →