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Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2019 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S83-2019 1947, currently marked in force and first recorded in 1947.
Citation and commencement
This Notification is the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2019 and is deemed to have come into operation on 10 June 2018.
Exemption
The interest of US$524,092.31 payable by STC Shipping Pte. Ltd. to Mizuho Bank, Ltd., Imabari Branch, from 10 June 2018 to 10 May 2021 (both dates inclusive), in respect of a loan amount of US$9,600,000 granted under a loan agreement dated 7 May 2018, for the purpose of financing the purchase of the vessel “STC Sentosa”, is exempt from tax.
The exemption under sub‑paragraph (1) is subject to the conditions specified in the letter of approval dated 1 February 2019 issued by the Ministry of Finance and addressed to STC Shipping Pte. Ltd.
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