Regulation 1
Citation and commencement
This Notification is the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2016 and is deemed to have come into operation on 28 May 2015.
/akn/sg/act/sub_leg/1947/ITA-S514-2016
Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2016
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1947
- Sections
- 2
Quick answer
About this subsidiary legislation
Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2016 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S514-2016 1947, currently marked in force and first recorded in 1947.
Regulation 2
Exemption
Subregulation 1
The interest payable from 28 May 2015 to 29 September 2015 (both dates inclusive) by China Ore Shipping Pte Ltd to —
(a)
Cosco Investments Limited in respect of a loan amount of US$181,560,000 under a loan agreement dated 28 May 2015 (called in this paragraph the Cosco loan agreement); and
(b)
China Shipping Development (HK) Marine Co., Ltd in respect of a loan amount of US$174,440,000 under a loan agreement dated 28 May 2015 (called in this paragraph the China Shipping loan agreement),for the purposes of acquiring the vessels “Yuan Zhen Hai”, “Yuan Jian Hai”, “Yuan Shi Hai” and “Yuan Zhuo Hai”, is exempt from tax.
Subregulation 2
The exemption under sub-paragraph (1) —
(a)
is subject to the conditions specified in the letter of approval dated 7 July 2016 issued by the Ministry of Finance and addressed to the Maritime Port Authority of Singapore and the Inland Revenue Authority of Singapore; and
(b)
does not apply —
(i)
in the case of the Cosco loan agreement, to interest payable after the earliest of the following:
(A)
29 September 2015;
(B)
the date of termination of the Cosco loan agreement;
(C)
the date on which China Ore Shipping Pte Ltd transfers or disposes of any of the vessels;
(D)
the date immediately before the date of deregistration of any of the vessels from the Singapore Registry of Ships; and
(ii)
in the case of the China Shipping loan agreement, to interest payable after the earliest of the following:
(A)
29 September 2015;
(B)
the date of termination of the China Shipping loan agreement;
(C)
the date on which China Ore Shipping Pte Ltd transfers or disposes of any of the vessels;
(D)
the date immediately before the date of deregistration of any of the vessels from the Singapore Registry of Ships.
Common questions
- What is Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2016?
- Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2016 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S514-2016 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. 3) Notification 2016 still in force?
- Yes — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2016 is currently in force.
- When did Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2016 take effect?
- Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2016 was first recorded in 1947.
- How many regulations does Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2016 have?
- Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2016 contains 2 regulations.
- Where can I read the official version of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2016?
- The official text of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2016 is published at sso.agc.gov.sg.