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 2022 (both dates inclusive) (called in this sub‑paragraph the relevant period);
[S 331/2024 wef 04/11/2022]
(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]
(2)  Subject to paragraph 3, any payment mentioned in sub‑paragraph (1) is exempt from tax.
[S 796/2018 wef 10/12/2018]