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Exemptions not applicable if loan, etc., is for non-investment activities, or payment is for tax avoidance

Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2012

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—(1) The exemption under paragraph 3, 4, 5, 6, 7, 7A, 7B, 8 or 9 only applies to a qualifying amount —(a)in connection with any loan or indebtedness or with any arrangement, management, guarantee or service relating to any loan or indebtedness; or(b)derived from any loan,as the case may be, which is taken, incurred or procured for the purpose of facilitating an investment activity of the payer referred to in that paragraph.(2) For the avoidance of doubt, the exemption under paragraph 3, 4, 5, 6, 7, 7A, 7B, 8 or 9 shall not apply to a qualifying amount —(a)in connection with any loan or indebtedness or with any arrangement, management, guarantee or service relating to any loan or indebtedness; or(b)derived from any loan,as the case may be, which is taken, incurred or procured for the purpose of making a dividend payment, a distribution to any beneficiary or unitholder of a trust fund, a payment pursuant to a share buyback or share capital reduction, or other similar payment.(3) An exemption under paragraph 3, 4, 5, 6, 7, 7A, 7B, 8 or 9 shall not apply to any payment made in connection with an arrangement referred to in section 33(1) of the Act.

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