Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (Amendment No. 6) Notification 2024

Status:

Published in Subsidiary Legislation Supplement
on 15 Apr 2024

No. S 329

Income Tax Act 1947

Income Tax
(Exemption of Interest and Other Payments
for Economic and Technological Development)
(Amendment No. 6) Notification 2024

In exercise of the powers conferred by section 13(4) of the Income Tax Act 1947, the Minister for Finance makes the following Notification:

Citation and commencement

1.—(1) This Notification is the Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (Amendment No. 6) Notification 2024.

(2) Paragraph 2 is deemed to have come into operation on 31 December 2021.

(3) Paragraph 3(a), (b) and (c) is deemed to have come into operation on 4 November 2022.

(4) Paragraph 3(d) and (e) comes into operation on 15 April 2024.

Amendment of paragraph 2

2. In the Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification 2000 (G.N. No. S 411/2000), in paragraph 2, in the definition of “financial institution” —

(a)	in paragraph (b), replace “section 43G” with “section 43E”; and
(b)	in paragraph (c), replace “section 43Q” with “section 43J”.

Amendment of paragraph 3

3. In the Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification 2000, in paragraph 3 —

(a)

in sub‑paragraph (1)(c)(ii), delete “or” at the end;

(b)

in sub‑paragraph (1)(c)(iii)(B), replace the full‑stop at the end with “; or”;

(c)

in sub‑paragraph (1)(c), after sub‑paragraph (iii), insert —

“(iv)

under a contract for an interest rate or currency swap transaction that is varied, where —

(A)	the variation takes effect on a date that falls within the period from 4 November 2022 to 31 December 2022 (both dates inclusive); and
(B)	the payment is made on or after the date on which the variation takes effect.”;

(d)

after sub‑paragraph (1), insert —

“(1A) However, this paragraph does not apply to a payment liable to be made —

(a)	under a contract for an interest rate or currency swap transaction mentioned in sub‑paragraph (1)(c)(ii), (iii) and (iv), that is varied with effect from a date on or after 15 April 2024; and
(b)	on or after the date on which the variation takes effect.”; and

(e)

in sub‑paragraph (2), replace “mentioned in sub‑paragraph (1)” with “to which this paragraph applies”.

[G.N. No. S 797/2018]

Made on 8 April 2024.

LAI WEI LIN

Second Permanent Secretary,
Ministry of Finance,
Singapore.

[AG/LEGIS/SL/134/2020/14 Vol. 3]

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