Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (Consolidation) Notification

Income Tax Act

(Chapter 134, Section 13(2))

N 6

REVISED EDITION 1995

(1st April 1995)

1. The indemnity payments payable by Neptune Orient Lines Limited pursuant to clause 10 of the following loan agreements shall be exempt from income tax from 15th September 1993 to 31st July 2000:

Amount of Loan

Date of Loan Agreements

(1) AUD 78.4m

10th May 1991.

(2) AUD 100m

13th January 1992.

(3) AUD 100m

21st May 1992.

[S 32/94]

[21.1.94]

2. There shall be exempt from tax for a period of 5 years, with effect from 1st January 1992 —

(a)	the interest on any loan, and
(b)	the payment on interest rate and currency swap and on other similar transactions,

payable by Bridgestone Finance Europe B.V., Singapore branch, if any such interest or payment is not borne, directly or indirectly, by a person resident in Singapore or a permanent establishment in Singapore except in respect of any business carried on outside Singapore by that person or permanent establishment through a permanent establishment outside Singapore.

[S 49/94]

[4.2.94]

3. There shall be exempt from tax the interest in connection with any loan paid by a company which is approved as a headquarters company under section 43E 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 56/94]

[27.1.94]

4. The interest payable and the swap payments made by Utara Shipping Pte. Ltd. under the following agreements shall be exempt from income tax from 29th October 1993 to 27th November 2000:

Lenders

Date of Agreements

(1) Hill Samuel Bank Limited, England

29th October 1993.

9th November 1993.

(2) Deutsche Schiffsbank AG, Germany

29th October 1993.

(3) MeesPierson N.V., England

29th October 1993.

[S 69/94]

[25.2.94]

5. The interest payable by Singapore Petroleum Company Limited to CBA International Finance Pty Limited, Australia, under the Facility Agreement dated 29th June 1994 shall be exempt from income tax from 30th June 1994 to 30th June 1997.

[S 291/94]

[8.7.94]

6. The interest payable by Osprey Tankships Pte Ltd to Gannet Carriers Ltd, Liberia and Ryoshin International (Hong Kong) Limited, Hong Kong, under the Loan Agreement dated 9th March 1994 shall be exempt from income tax from 9th March 1994 to 31st July 1996.

[S 318/94]

[12.8.94]

7. The interest payable by Ci Shipping Pte Ltd to Swedbank (Sparbanken Sverige AB), Sweden, under the Loan Agreement dated 10th May 1994 shall be exempt from income tax from 10th May 1994 to 29th November 1999.

[S 403/94]

[21.10.94]

8.—(1) The interest payments made by Singmarine Industries Limited to Westpac Asian Lending Pty Limited, Australia, under the Loan Agreement dated 29th September 1994 shall be exempt from income tax from 29th September 1994 to 29th September 1999.

[S 473/94]

[16.12.94]

(2) The swap payments made to Westpac Banking Corporation under the ISDA Master Agreement dated 3rd November 1994 shall also be exempt from income tax from 3rd November 1994 to 29th September 1999.

9.—(1) The interest payments made by Keppel Corporation Limited to Westpac Asian Lending Pty Limited, Australia, under the Loan Agreement dated 29th September 1994 shall be exempt from income tax from 29th September 1994 to 29th September 1999.

[S 474/94]

[16.12.94]

(2) The swap payments made to Westpac Banking Corporation under the ISDA Master Agreement dated 3rd November 1994 shall also be exempt from income tax from 3rd November 1994 to 29th September 1999.

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