Suggest a correction

Exemption of interest payable by Mercator Lines (Singapore) Limited

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 6) Notification 2014

Match the official source exactly.

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) There shall be exempt from tax the interest payable by Mercator Lines (Singapore) Limited to NIBC Bank N.V. on a loan granted under the Loan Agreement dated 4th June 2007 and the Transfer Certificate dated 26th July 2013, for partially financing the acquisition of the following vessels:(a)“Garv Prem”;(b)“Gaurav Prem”;(c)“Sri Prem Veena”;(d)“Garima Prem”.(2) The amount of interest payable by Mercator Lines (Singapore) Limited to NIBC Bank N.V. under the Loan Agreement referred to in sub‑paragraph (1) on any date (referred to in this sub‑paragraph as the reference date) that is exempt from tax under sub‑paragraph (1) shall be determined in accordance with the following formula:where Ais the amount of the loan granted under the Loan Agreement referred to in sub‑paragraph (1);Bis the part of the loan used by Mercator Lines (Singapore) Limited to partially finance the acquisition of those vessels referred to in sub‑paragraph (1)(a) to (d) which have been transferred or disposed of by Mercator Lines (Singapore) Limited as of the reference date; andCis the amount of interest that is payable by Mercator Lines (Singapore) Limited to NIBC Bank N.V. under the Loan Agreement referred to in sub‑paragraph (1) on the reference date.(3) The exemption under sub‑paragraph (1) —(a)is subject to the terms and conditions specified in the letter of approval dated 27th September 2013 issued by the Ministry of Finance and addressed to the Maritime and Port Authority of Singapore; and (b)shall not apply to any interest payable after the earliest of the following:(i)23rd June 2017;(ii)the date of termination of the loan;(iii)the date on which Mercator Lines (Singapore) Limited ceases to be an approved international shipping enterprise under section 13F of the Act because of the revocation or withdrawal of the approval.

What's the problem? (required)

Source link (optional)

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously. No account or personal information is required or sent.