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Exemption for interest payment under specified contract effective before 20 February 2018 or on date between 20 February 2018 and 18 February 2020

Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 2) Notification 2018

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—(1) This paragraph applies to any interest payment —(a)made by a member of an approved exchange to a person who is not resident in Singapore;(b)that is not derived through any operation carried on by the person through the person’s permanent establishment in Singapore; and(c)that is a margin deposit interest payment required to be made —(i)under —(A)a specified contract that took effect on a date before 20 February 2018; or(B)a specified contract that was extended or renewed, and the extension or renewal took effect on a date before 20 February 2018,where the payment is made on a date that falls within the period from 20 February 2018 to 31 December 2026 (both dates inclusive);(ii)under a specified contract that takes effect on a date that falls within the period from 20 February 2018 to 18 February 2020 (both dates inclusive); or(iii)under a specified contract that is extended or renewed, where —(A)the extension or renewal takes effect on a date that falls within the period from 20 February 2018 to 18 February 2020 (both dates inclusive); and(B)the payment is made on or after the date on which such extension or renewal takes effect.(1A) However, this paragraph does not apply to a margin deposit interest payment required to be made —(a)under a specified contract mentioned in sub‑paragraph (1)(c)(ii) or (iii) that is varied with effect from a date on or after 4 November 2022; and(b)on or after the date on which the variation takes effect.(2) Any payment to which this paragraph applies is exempt from tax.

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