Regulation 1
Citation and commencement
This Notification is the Income Tax (Armada Kraken Pte. Ltd. — Section 13(4) Exemption) Notification 2020 and is deemed to have come into operation on 29 September 2014.
/akn/sg/act/sub_leg/1947/ITA-S383-2020
Income Tax (Armada Kraken Pte. Ltd. — Section 13(4) Exemption) Notification 2020
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1947
- Sections
- 2
Quick answer
About this subsidiary legislation
Income Tax (Armada Kraken Pte. Ltd. — Section 13(4) Exemption) Notification 2020 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S383-2020 1947, currently marked in force and first recorded in 1947.
Regulation 2
Exemption
Subregulation 1
The interest payable by Armada Kraken Pte. Ltd. —
(a)
to the respective lenders mentioned in the first column of the following table;
(b)
in respect of the respective loan amounts mentioned in the second column of the table used to finance the conversion and refurbishment of the vessel, Armada Kraken, to a Floating Production Storage and Offloading vessel;
(c)
under the respective agreements mentioned in the third column of the table; and
(d)
that is due and payable during the respective periods mentioned in the fourth column of the table,is exempt from tax:First columnSecond columnThird columnFourth columnLenderLoan amount (US$)AgreementPeriod (both dates inclusive)Maybank International Labuan Branch155,000,000Bridging loan agreement dated 31 March 201429 September 2014 to 18 December 2015183,080,000Term loan agreement dated 7 July 201518 December 2015 to 30 November 2017National Bank of Abu Dhabi Pjsc, Labuan Branch109,840,000Term loan agreement dated 7 July 201518 December 2015 to 31 December 2016
Subregulation 2
Any interest rate swap payment made for the purpose of hedging against fluctuations in the rate of the interest mentioned in sub‑paragraph (1), and payable from 12 May 2016 to 18 December 2017 (both dates inclusive) by Armada Kraken Pte. Ltd. to Malayan Banking Berhad, is exempt from tax.
Subregulation 3
The exemptions under sub‑paragraphs (1) and (2) are subject to the terms and conditions specified in the letter of approval dated 24 March 2020 issued by the Ministry of Finance and addressed to Bumi Armada Berhad.
Common questions
- What is Income Tax (Armada Kraken Pte. Ltd. — Section 13(4) Exemption) Notification 2020?
- Income Tax (Armada Kraken Pte. Ltd. — Section 13(4) Exemption) Notification 2020 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S383-2020 1947, currently marked in force and first recorded in 1947.
- Is Income Tax (Armada Kraken Pte. Ltd. — Section 13(4) Exemption) Notification 2020 still in force?
- Yes — Income Tax (Armada Kraken Pte. Ltd. — Section 13(4) Exemption) Notification 2020 is currently in force.
- When did Income Tax (Armada Kraken Pte. Ltd. — Section 13(4) Exemption) Notification 2020 take effect?
- Income Tax (Armada Kraken Pte. Ltd. — Section 13(4) Exemption) Notification 2020 was first recorded in 1947.
- How many regulations does Income Tax (Armada Kraken Pte. Ltd. — Section 13(4) Exemption) Notification 2020 have?
- Income Tax (Armada Kraken Pte. Ltd. — Section 13(4) Exemption) Notification 2020 contains 2 regulations.
- Where can I read the official version of Income Tax (Armada Kraken Pte. Ltd. — Section 13(4) Exemption) Notification 2020?
- The official text of Income Tax (Armada Kraken Pte. Ltd. — Section 13(4) Exemption) Notification 2020 is published at sso.agc.gov.sg.