Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (Amendment) Notification 2021

Status:

Published in Subsidiary Legislation Supplement
on 30 Jun 2021

No. S 478

Income Tax Act

(CHAPTER 134)

Income Tax
(Exemption of Interest and Other Payments for
Economic and Technological Development)
(Amendment) Notification 2021

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

Citation and commencement

1. This Notification is the Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (Amendment) Notification 2021 and comes into operation on 1 July 2021.

Amendment of Schedule

2. The Schedule to the Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (No. 3) Notification 2003 (G.N. No. S 500/2003) is amended —

(a)

by deleting items 2 and 3 of Part I and substituting the following items:

“2. Any bank that holds a licence under section 7 or 79 of the Banking Act (Cap. 19).

3. Any merchant bank approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186) on or before 27 October 2003.”; and

(b)

by deleting items 2 and 3 of Part II and substituting the following items:

“2. Any bank that holds a licence under section 7 or 79 of the Banking Act.

3. Any merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act.”.

[G.N. No. S 799/2018]

Made on 15 June 2021.

TAN CHING YEE

Permanent Secretary,
Ministry of Finance,
Singapore.

[R032.018.2183.V21; R032.019.0018.V5; AG/LEGIS/SL/134/2020/14 Vol. 1]

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