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Exemption for interest payment under specified contract effective on date between 19 February 2020 and 31 December 2026 or varied on a date between 4 November 2022 and 31 December 2026

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 an approved exchange, an approved clearing house, a member of an approved exchange or a member of an approved clearing house, 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 specified contract that takes effect on a date that falls within the period from 19 February 2020 to 31 December 2026 (both dates inclusive); (ii)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 mentioned in sub‑paragraph (i); and(B)the payment is made on or after the date on which the extension or renewal takes effect; or(iii)under a specified contract that is varied, where —(A)the variation takes effect on a date that falls within the period from 4 November 2022 to 31 December 2026 (both dates inclusive); and(B)the payment is made on or after the date on which the variation 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) that is varied with effect from a date on or after 1 January 2027; and(b)on or after the date on which the variation takes effect.(2) A payment to which this paragraph applies is exempt from tax.

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