Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 16) Notification 1997

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Published in Subsidiary Legislation Supplement
on 19 Dec 1997

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No. S 549

Income Tax Act

(Chapter 134)

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 16) 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. 16) Notification 1997.

Exemption

2. There shall be exempt from tax the interest payable under the US$500 million Euro Commercial Paper Programme by Nokia Treasury Asia 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.

Terms and conditions of exemption

3. The exemption is subject to the terms and conditions specified in the Ministry of Finance's letter of approval dated 11th February 1997 and the Annexes thereto.

Made this 16th day of December 1997.

KOH YONG GUAN

Second Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R)R32.12.016 Pt 2 Vol. 8; AG/LEG/SL/134/97/3 Vol. 1]