Regulation 1
Citation
This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2015.
/akn/sg/act/sub_leg/1947/ITA-S722-2015
Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2015
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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. 5) Notification 2015 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S722-2015 1947, currently marked in force and first recorded in 1947.
Regulation 2
Exemption
Subregulation 1
The interest payable between 2 July 2013 and 14 February 2014 (both dates inclusive) by Mortimer Pte. Ltd. to Mach Invest International S.A. on the portion of a loan granted under the Loan Agreement dated 13 May 2013 (as amended by the Loan Agreement dated 13 August 2013 and the Loan Agreement dated 4 October 2013) used for the purpose of repaying cash advances obtained by Mortimer Pte. Ltd. from Jaccar Holdings to partially finance —
(a)
the purchase of the vessel, “JS Tamise” (formerly known as “JS Congo”) by Greenship Bulk 9 Pte Ltd; and
(b)
the purchase of the vessel, “JS Mekong” by Greenship Bulk 10 Pte Ltd,is exempt from tax.
Subregulation 2
The amount of interest that is exempt from tax under sub‑paragraph (1) is to be computed in accordance with the formula:where Ais the amount of interest payable by Mortimer Pte. Ltd. to Mach Invest International S.A. between 2 July 2013 and 14 February 2014 (both dates inclusive) on the loan granted under the Loan Agreement dated 13 May 2013 (as amended by the Loan Agreement dated 13 August 2013 and the Loan Agreement dated 4 October 2013).
Subregulation 3
The exemption under sub‑paragraph (1) is subject to the terms and conditions specified in the letter of approval dated 1 December 2014 issued by the Ministry of Finance and addressed to Mortimer Pte. Ltd.
Common questions
- What is Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2015?
- Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2015 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S722-2015 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. 5) Notification 2015 still in force?
- Yes — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2015 is currently in force.
- When did Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2015 take effect?
- Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2015 was first recorded in 1947.
- How many regulations does Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2015 have?
- Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2015 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. 5) Notification 2015?
- The official text of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2015 is published at sso.agc.gov.sg.