Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 10) Notification 1997

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Published in Subsidiary Legislation Supplement
on 01 Jul 1997

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No. S 312

Income Tax Act

(Chapter 134)

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 10) Notification 1997

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. 10) Notification 1997.

Exemption

2. There shall be exempt from withholding tax —

(a)	the interest payable by Neptune Orient Lines Limited to Westpac Banking Corporation, Australia, under the 4 Loan Agreements all dated 10th December 1996, from 10th December 1996 to 28th April 2001; and
(b)	the swap payments payable by Neptune Orient Lines Limited to Westpac Banking Corporation, Australia, under the 4 International Swap Dealers Association, Inc. (ISDA) Master Agreements all dated 25th March 1997, from 25th March 1997 to 28th April 2001.

Made this 1st day of July 1997.

KOH YONG GUAN

Second Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R)R32.12.06 Pt. 17 Vol. 6; AG/SL/10/95(E)]