Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 7) Notification 1998

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Published in Subsidiary Legislation Supplement
on 14 Apr 1998

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No. S 249

Income Tax Act

(Chapter 134)

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No.7) Notification 1998

In exercise of the powers conferred by section 13(4) of the Income Tax Act, the Minister for Finance hereby makes the following Notification:

Citation

1. This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No.7) Notification 1998.

Exemption

2. 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.

Terms and conditions of exemption

3. 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.

Made this 9th day of April 1998.

NGIAM TONG DOW

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R)R32.12.016 Pt 2 Vol 8; AG/LEG/SL/134/97/1 Vol.1]