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Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2018

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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. 2) Notification 2018 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S237-2018 1947, currently marked in force and first recorded in 1947.

Regulation 1

Citation and commencement

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This Notification is the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2018.(2) Paragraph 2 is deemed to have come into operation on 23 February 2017.(3) Paragraph 3 is deemed to have come into operation on 23 December 2017.

Subregulation 1

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This Notification is the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2018.

Subregulation 2

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Paragraph 2 is deemed to have come into operation on 23 February 2017.

Subregulation 3

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Paragraph 3 is deemed to have come into operation on 23 December 2017.

Regulation 2

Exemption in relation to loan granted for purchase of Star Best

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Subregulation 1

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The interest payable by Grace Ocean Private Limited to The Hiroshima Bank, Ltd in respect of an outstanding loan amount of US$10,406,530.82 as at 18 January 2017 under a loan agreement dated 25 March 2011 (as amended by supplemental agreements dated 25 August 2015 and 18 January 2017), where the loan is for the purpose of financing the acquisition of the vessel “Star Best”, is exempt from tax.

Subregulation 2

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The exemption under sub-paragraph (1) is subject to the terms and conditions specified in the letter of approval dated 29 March 2018 and addressed to Grace Ocean Private Limited.

Regulation 3

Exemption in relation to loan granted for purchase of Star Service 1

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Subregulation 1

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The interest payable by Grace Ocean Private Limited to The Hiroshima Bank, Ltd in respect of an outstanding loan amount of US$8,482,614.48 as at 7 December 2017 under a loan agreement dated 11 April 2011 (as amended by supplemental agreements dated 25 August 2015 and 7 December 2017), where the loan is for the purpose of financing the acquisition of the vessel “Star Service 1”, is exempt from tax.

Subregulation 2

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The exemption under sub-paragraph (1) is subject to the terms and conditions specified in the letter of approval dated 29 March 2018 and addressed to Grace Ocean Private Limited.

Common questions

What is Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2018?
Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2018 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S237-2018 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. 2) Notification 2018 still in force?
Yes — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2018 is currently in force.
When did Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2018 take effect?
Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2018 was first recorded in 1947.
How many regulations does Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2018 have?
Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2018 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. 2) Notification 2018?
The official text of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2018 is published at sso.agc.gov.sg.