Suggest a correction

General exemption of qualifying payments under applicable finance lease entered into by shipping enterprise

Income Tax (Shipping Enterprises — Section 13(4) Exemption) Notification 2025

Match the official source exactly.

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) Subject to this paragraph, paragraph 14 and the conditions imposed by the Minister under section 13(4) of the Act, a qualifying payment (excluding any pre‑delivery payment amount) that a shipping enterprise is liable to make between 24 February 2015 and 11 December 2018 (both dates inclusive) to a specified person under an applicable finance lease entered into by the shipping enterprise, is exempt from tax.(2) Where one or more of the following apply:(a)any ship leased under the applicable finance lease does not meet the registration requirement or is under construction on the applicable date;(b)any ship leased under the applicable finance lease and that meets the registration requirement is disposed of;(c)any ship leased under the applicable finance lease that met the registration requirement described in paragraph 2(2)(a)(i), ceases to be registered or provisionally registered under the Merchant Shipping Act 1995,then the exemption under sub‑paragraph (1) applies only to the amount of the qualifying payment derived by the formulawhere —(d)A is the principal of the applicable finance lease;(e)B is the part of the principal of the applicable finance lease that is attributable to the leasing of those ships that do not meet the registration requirement;(f)C is the part of the principal of the applicable finance lease that is attributable to the leasing of each ship that meets the registration requirement but —(i)is disposed of; or(ii)in the case of a ship that met the registration requirement described in paragraph 2(2)(a)(i) —ceases to be registered or provisionally registered under the Merchant Shipping Act 1995; and(g)D is the amount of the qualifying payment (excluding any pre‑delivery payment amount).(3) The exemption under sub‑paragraph (1) does not apply to any qualifying payment liable to be made after the day that the applicable finance lease ceases to be treated as a sale pursuant to regulations made under section 10C of the Act.

What's the problem? (required)

Source link (optional)

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously. No account or personal information is required or sent.