Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification 1999

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No. S 206

Income Tax Act

(Chapter 134)

Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification 1999

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 for Economic and Technological Development) Notification 1999.

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.

Terms and conditions of exemption

3. The exemption under paragraph 2 shall apply only if the following terms and conditions are satisfied:

(a)	the issuer has been approved by the Monetary Authority of Singapore (the Authority) to issue Singapore dollar debt securities under the Authority’s guidelines on internationalisation of the Singapore dollar (the Internationalisation Guidelines);
(b)	the Singapore swap counterparty is a licensed bank or merchant bank or any other institution specifically approved by the Authority to enter into the cross currency swap transaction; and
(c)	the cross currency swap transaction is entered into pursuant to the requirements of the Internationalisation Guidelines to convert the proceeds from the Singapore-dollar denominated debt securities into foreign currency.

Made this 28th day of April 1999.

NGIAM TONG DOW

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R32.12.16 Vol. 14 T 2; AG/LEG/SL/134/97/3 Vol. 1]

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