Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development Loans) (Consolidation) Notification

Income Tax Act

(Chapter 134, Section 13(4))

N 12

G.N. No. S 532/1997

REVISED EDITION 2000

(31st January 2000)

1.—(1) There shall be exempt from tax the interest payable under the US$1 billion Euro Medium Term Note Programme by Volvo Group Treasury Asia Ltd to any noteholder who is —

(a)	an individual who is not resident in Singapore; or
(b)	a person, other than an individual, who is neither a resident of nor a permanent establishment in Singapore.

(2) The exemption is subject to the terms and conditions specified in the Ministry of Finance’s letter of approval dated 22nd April 1997 and the Annexes thereto.

[S 21/98]

2.—(1) There shall be exempt from tax the interest payable under the A$200 million Domestic Medium Term Note Programme by DBS Land Limited to any noteholder who is —

(a)	an individual who is not resident in Singapore; or
(b)	a person, other than an individual, who is neither a resident of nor a permanent establishment in Singapore.

(2) The exemption is subject to the terms and conditions specified in the Ministry of Finance’s letter of approval dated 25th July 1997 and the Annexes thereto.

[S 22/98]

3.—(1) There shall be exempt from tax the interest payable under the US$3 billion Certificate of Deposit Programme by Deutsche Bank AG, Singapore Branch to any noteholder who is —

(a)	an individual who is not resident in Singapore; or
(b)	a person, other than an individual, who is neither a resident of nor a permanent establishment in Singapore.

(2) The exemption is subject to the terms and conditions specified in the Ministry of Finance’s letter of approval dated 2nd July 1997 and the Annexes thereto.

[S 23/98]

4. There shall be exempt from withholding tax the interest payable by St. Johns Shipping Pte Ltd to The Nippon Credit Bank, Ltd. Japan, under the Loan Agreement dated 21st October 1996, from 31st January 1997 to 31st August 2001.

[S 54/98]

5. There shall be exempt from withholding tax the interest payable by Melody Shipping International Pte Ltd to National Bank of Greece S.A. under the Loan Agreement dated 29th October 1997, from 30th April 1998 to 31st October 2003.

[S 78/98]

6. There shall be exempt from tax for a period of 5 years, with effect from 1st January 1997 —

(a)	the interest on any loan; and
(b)	the payment on interest rate and currency swap and on other similar transactions,

payable in currencies other than Singapore dollars by Bridgestone Finance Europe B.V., Singapore branch, to any of its approved offices or associated companies outside Singapore or to any bank outside Singapore, subject to the terms and conditions specified in the letter of approval dated 23rd January 1998 addressed to the company.

[S 111/98]

7.—(1) There shall be exempt from tax the interest payable under the US$2 billion zero coupon notes issue by Asia Pulp & Paper Company Ltd to any noteholder who is —

(a)	an individual who is not resident in Singapore; or
(b)	a person, other than an individual, who is neither a resident of nor a permanent establishment in Singapore.

(2) The exemption is subject to the terms and conditions specified in the Monetary Authority of Singapore’s letter of approval dated 8th November 1997 and the Annexes thereto.

[S 249/98]

8. There shall be exempt from withholding tax the interest payable by —

(a)	Navigation Kudos Pte Ltd to National Bank of Greece S.A. under the Loan Agreement dated 29th October 1997, from 30th April 1998 to 31st October 2000; and
(b)	Clarity Pte Ltd to National Bank of Greece S.A. under the Loan Agreement dated 29th October 1997, from 30th April 1998 to 31st October 2003. [S 259/98]

9.—(1) There shall be exempt from tax the interest payable under the US$5 billion Global Medium Note Programme by Daiwa Singapore Limited to any noteholder who is —

(a)	an individual who is not resident in Singapore; or
(b)	a person, other than an individual, who is neither a resident of nor a permanent establishment in Singapore.

(2) The exemption is subject to the terms and conditions specified in the Ministry of Finance’s letter of approval dated 13th February 1998 and the Annexes thereto.

[S 269/98]

10. There shall be exempt from withholding tax the interest payable by —

(a)	Hung Li Shipping (Singapore) Pte Ltd to Leo Mild S.A., under the Deferred Sale Agreement dated 28th April 1997, from 8th May 1997 to 8th May 2007;
(b)	Hung Li Shipping (Singapore) Pte Ltd to The Sumitomo Bank Ltd, Japan, under the Deferred Sale Agreement dated 16th July 1997, from 17th July 1997 to 17th July 2015; and
(c)	Hung Fu Shipping (Singapore) Pte Ltd to The Setouchi Bank Limited, Japan, under the Loan and Guarantee Agreement dated 31st March 1998, from 5th October 1998 to 5th October 2012. [S 339/98]

11. There shall be exempt from tax the interest payable by Maritime Leasing Pte Ltd to the following banks under the Loan Agreement dated 26th March 1997, from 1st July 1997 to 1st April 2011:

(a)	ABM AMRO Bank NV, Korea;
(b)	Commercial Bank of Korea Ltd, United Kingdom; and
(c)	Kookmin Bank, Korea. [S 363/98]

12. There shall be exempt from withholding tax the interest payable by Hung Fu Shipping (Singapore) Pte Ltd to NL Digitalis Shipping (Panama) S.A., under the Deferred Sale Agreement dated 30th June 1997, from 29th May 1998 to 29th April 2008.

[S 416/98]

13. There shall be exempt from tax the interest payable by Powick Marine (S) Pte Ltd to the banks set out in the Schedule —

(a)

under a Loan Agreement dated 24th January 1998, from 9th December 1997 to 9th September 2007; and

(b)

under a Loan Agreement dated 24th January 1998, from 13th February 1998 to 13th November 2007.

THE SCHEDULE

1. The Chase Manhattan Bank, Hong Kong.

2. Mees Pierson N.V., The Netherlands.

3. Far Eastern International Bank, Taiwan.

4. Deutsche Schiffsbank Aktiengesellschaft, Germany.

[S 446/98]

14.—(1) There shall be exempt from tax the interest payable under the US$1 billion Euro Multi-issuer Medium Note Programme by Suntory Pacific Pte. Ltd. to any noteholder who is —

(a)	an individual who is not resident in Singapore; or
(b)	a person, other than an individual, who is neither a resident of nor a permanent establishment in Singapore.

(2) The exemption is subject to the terms and conditions specified in the Monetary Authority of Singapore’s approval letter dated 11th August 1998 and subsequent correspondences, if any.

[S 653/98]

15. There shall be exempt from tax interest payable by CMT Fortune Shipping Co. Pte. Ltd. to the following banks, under the Syndicated Term Loan Agreement dated 27th July 1998, from 7th August 1998 to 7th August 2008:

(a)	Bank Sinopac, Taiwan;
(b)	The Shanghai Commercial & Savings Bank Ltd, Taiwan;
(c)	International Bank of Taipei, Taiwan;
(d)	Ta Chong Bank Ltd. Taiwan; and
(e)	Chung Shing Bank, Taiwan. [S 32/99]

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