Comparison View

Formal Consolidation |  2000 RevEd
Exemption
2.  Subject to paragraph 3, there shall be exempt from tax any payment made under a cross currency swap transaction entered into on or after 3rd March 1999 by a Singapore swap counterparty to an issuer of Singapore dollar debt securities who is neither a resident of nor a permanent establishment in Singapore.
Informal Consolidation | Amended S 331/2024
Exemption
2.—(1)  This paragraph applies to any payment —
(a)made by a Singapore swap counterparty to an issuer of Singapore dollar debt securities who is not resident in Singapore;
(b)that is not derived through any operation carried on by the issuer through the issuer’s permanent establishment in Singapore; and
(c)that is liable to be made —
(i)under a contract for a cross currency swap transaction, where the contract takes effect on a date that falls within the period from 3 March 1999 to 31 December 2026 (both dates inclusive) (called in this sub‑paragraph the relevant period);
[S 331/2024 wef 04/11/2022]
[S 331/2024 wef 01/01/2023]
(ii)under a contract for a cross currency swap transaction that is extended or renewed, where —
(A)the extension or renewal of the contract takes effect on a date that falls within the relevant period; and
(B)the payment is made on or after the date on which such extension or renewal takes effect; or
[S 331/2024 wef 04/11/2022]
(iii)under a contract for a cross currency swap transaction that is varied, where —
(A)the variation of the contract takes effect on a date that falls within the period from 4 November 2022 to 31 December 2026 (both dates inclusive); and
(B)the payment is made on or after the date on which such variation takes effect.
[S 331/2024 wef 04/11/2022]
(1A)  However, this paragraph does not apply to a payment liable to be made —
(a)under a contract for a cross currency swap transaction mentioned in sub-paragraph (1)(c)(i), (ii) and (iii), that is varied with effect from a date on or after 1 January 2027; and
(b)on or after the date on which such variation takes effect.
[S 331/2024 wef 15/04/2024]
(2)  Subject to paragraph 3, any payment to which this paragraph applies is exempt from tax.
[S 331/2024 wef 15/04/2024]
[S 796/2018 wef 10/12/2018]