Singapore legislation

Regulation 3

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

Regulation 3

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

Subregulation 1

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

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.

Read in full context — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2018 →