Singapore legislation

Regulation 3

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

Regulation 3

Exemption of payments made in relation to loan granted for purchase of JS Loire

Subregulation 1

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.

Subregulation 2

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.

Read in full context — Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 9) Notification 2014 →