Income Tax Act
(CHAPTER 134, Section 13(2))
Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (Consolidation) Notification
N 5
REVISED EDITION 1994
(30th April 1994)
1.  The following payments made by Neptune Orient Lines Ltd shall be exempt from income tax from 27th November 1992 to 28th November 2000:
(a)the interest payable on the loan of AUD100,000,000 provided by Prevalent Pty Limited, Australia under the Term Loan Agreement dated 25th August 1992;
(b)the swap payments on the cross-currency interest rate swap on AUD100,000,000; and
(c)the legal, arrangement, commitment, guarantee and agency fees totalling AUD1,053,000 in connection with the loan and swap facility.
[S 303/93 — 16.7.93]
2.  The interest payable and the swap payments made by Neptune Orient Lines Limited on the following agreements shall be exempt from income tax from 22nd June 1992 to 31st July 2000:
Lenders.
Date of Agreements.
(1)Westpac Asian Lending Pty Limited, Australia
13th January 1993 and 21st May 1992
(2)Gammaton Pty Limited, Australia
13th January 1992.
[S 312/93 — 23.7.93]
3.  The termination fee payable on the following loan shall be exempt from income tax:
Borrower.
Lender.
Date of Loan.
Utara Shipping Pte. Ltd.
N.V. Nissho Iwai (Benelux) S.A. Belgium
14th November 1986.
[S 371/93 — 17.9.93]
4.  There shall be exempt from tax the interest in connection with any loan paid by a company which is approved as a Finance and Treasury Centre under section 43G of the Act —
(a)in currencies other than Singapore dollars; and
(b)to any of its offices or associated companies outside Singapore which has been approved for the purposes of this Notification by the Minister or such other person as he may appoint.
[S 421/93 — 14.10.93]
5.  The interest and guarantee, underwriting, participation and commitment fees payable on the following loan shall be exempt from income tax from 15th February 1993 to 31st December 1998:
Borrower.
Lenders.
Date of Agreement and the Facilities.
Tech Semiconductor Singapore Pte. Ltd.
(a)Banca Di Roma, Houston Agency USA )
15th February 1993
Tranche A Facility
Tranche B Facility
Tranche C Facility
 
(b)Trust Company Bank USA )
15th February 1993
Tranche A Facility
Tranche B Facility
Tranche C Facility
[S 504/93 — 17.12.93]