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Exemption from tax of income relating to sale of ships, etc.

Income Tax (Exemption of Foreign Income of Approved Shipping Investment Enterprise) Order 2017

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—(1) The income described in sub‑paragraph (2) of an ASIE that is received in Singapore during the period of the ASIE’s approval is exempt from tax.(2) The income to which sub‑paragraph (1) applies is dividends from an approved company of the ASIE, or partnership profits of an approved partnership of an ASIE, that are paid out of income derived by the company or partnership on or after 1 June 2011 and during the period of the approval of the company or partnership, from any of the following activities:(a)the sale of a sea‑going ship, or the assignment to another of all the rights of the approved company or partnership as the buyer under a contract for the construction of a sea‑going ship;(b)the sale of all of the issued ordinary shares in a special purpose company of the approved company or approved partnership, where, at the time of the sale of the shares, the special purpose company owns any sea‑going ship or is the buyer under a contract for the construction of any sea‑going ship.(3) Sub‑paragraph (1) does not apply to income paid out of income derived from any activity mentioned in sub‑paragraph (2)(a) by an approved company or approved partnership —(a)in the course of carrying on a business of trading in sea‑going ships or of constructing sea‑going ships for sale; or(b)if the activity involves the leasing of a sea‑going ship under a finance lease that is treated as a sale under regulations made under section 10D(1) of the Act.(4) In this paragraph, “special purpose company”, in relation to an approved company or approved partnership, means a company that is wholly owned by the approved company or approved partnership and whose only business or intended business is the chartering or finance leasing of sea‑going ships.

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