Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 9) Notification 2014

This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 9) Notification 2014.

Paragraph 2 shall be deemed to have come into operation on 31 May 2013.

Paragraph 3 shall be deemed to have come into operation on 9 July 2013.

This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 9) Notification 2014.

Paragraph 2 shall be deemed to have come into operation on 31 May 2013.

Paragraph 3 shall be deemed to have come into operation on 9 July 2013.

Subject to sub‑paragraph (2), there shall be exempt from tax the interest and commitment fees payable by Mortimer Pte. Ltd. to Banque Degroof Luxembourg S.A. between 31 May 2013 and 27 December 2013 (both dates inclusive) in respect of a loan granted under the Loan Agreement dated 22 May 2013 for the purpose of re‑financing an earlier loan obtained to fund the purchase of the vessel, “JS Garonne” by Greenship Bulk 4 Pte Ltd, an approved shipping investment enterprise under section 13S of the Act.

The exemption under sub‑paragraph (1) is subject to the terms and conditions specified in the letter of approval dated 23 September 2014 issued by the Ministry of Finance and addressed to Mortimer Pte. Ltd.

Subject to sub‑paragraph (2), there shall be exempt from tax the interest and commitment fees payable by Mortimer Pte. Ltd. to Banque Degroof Luxembourg S.A. between 31 May 2013 and 27 December 2013 (both dates inclusive) in respect of a loan granted under the Loan Agreement dated 22 May 2013 for the purpose of re‑financing an earlier loan obtained to fund the purchase of the vessel, “JS Garonne” by Greenship Bulk 4 Pte Ltd, an approved shipping investment enterprise under section 13S of the Act.

The exemption under sub‑paragraph (1) is subject to the terms and conditions specified in the letter of approval dated 23 September 2014 issued by the Ministry of Finance and addressed to Mortimer Pte. Ltd.

Subject to sub‑paragraph (2), there shall be exempt from tax the interest and commitment fees payable by Mortimer Pte. Ltd. to Banque Degroof Luxembourg S.A. between 9 July 2013 and 27 December 2013 (both dates inclusive) in respect of a loan granted under the Loan Agreement dated 24 June 2013 for the purpose of re‑financing an earlier loan obtained to fund the purchase of the vessel, “JS Loire” by Greenship Bulk 5 Pte Ltd, an approved shipping investment enterprise under section 13S of the Act.

The exemption under sub‑paragraph (1) is subject to the terms and conditions specified in the letter of approval dated 23 September 2014 issued by the Ministry of Finance and addressed to Mortimer Pte. Ltd.

Subject to sub‑paragraph (2), there shall be exempt from tax the interest and commitment fees payable by Mortimer Pte. Ltd. to Banque Degroof Luxembourg S.A. between 9 July 2013 and 27 December 2013 (both dates inclusive) in respect of a loan granted under the Loan Agreement dated 24 June 2013 for the purpose of re‑financing an earlier loan obtained to fund the purchase of the vessel, “JS Loire” by Greenship Bulk 5 Pte Ltd, an approved shipping investment enterprise under section 13S of the Act.

The exemption under sub‑paragraph (1) is subject to the terms and conditions specified in the letter of approval dated 23 September 2014 issued by the Ministry of Finance and addressed to Mortimer Pte. Ltd.