/akn/sg/act/sub_leg/1947/ITA-S72-2014
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Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2014 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S72-2014 1947, currently marked in force and first recorded in 1947.
Citation and commencement
This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2014 and shall be deemed to have come into operation on 24th April 2012.
Exemption
There shall be exempt from tax, the interest payable on or after 24th April 2012 by Aban 7 Pte Ltd to ICICI Bank Limited, DFIC Branch on a loan granted under the Transfer Certificate dated 28th March 2012 in respect of the Loan Agreement dated 24th July 2006, for the purpose of partially financing the purchase of the rig “Aban 7” (referred to in this Notification as “the rig”).
The exemption under sub-paragraph (1) —
is subject to the terms and conditions specified in the letter of approval dated 18th July 2013 issued by the Ministry of Finance and addressed to Aban 7 Pte Ltd; and
shall not apply to any interest payable after the earliest of the following:
31st January 2019;
the date of termination of the Loan Agreement;
the date on which Aban 7 Pte Ltd transfers or disposes of the rig;
the date of withdrawal or revocation, as the case may be, of the approval of Aban 7 Pte Ltd as an approved international shipping enterprise under section 13F of the Act.