Income Tax (Exemption of Interests and Other Payments for Economic and Technological Development Loans) (No. 7) Notification 1996

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No. S 219

Income Tax Act

(Chapter 134)

Income Tax (Exemption of Interests and Other Payments for Economic and Technological Development Loans) (No. 7) Notification 1996

In exercise of the powers conferred by section 13(4) of the Income Tax Act, the Minister for Finance hereby makes the following Notification:

1. This Notification may be cited as the Income Tax (Exemption of Interests and Other Payments for Economic and Technological Development Loans) (No. 7) Notification 1996.

2. There shall be exempt from tax the interest payable on the US$150 million 7½% Subordinated Notes due 15th March 2006 by The Siam Commercial Bank Public Company Limited to any noteholder who is —

(a)	a non-resident individual; or
(b)	a person, other than an individual, who is neither a resident of nor a permanent establishment in Singapore.

3. The exemption is subject to the conditions specified in the Annex to the Ministry of Finance’s letter of approval dated 20th March 1996.

Made this 14th day of May 1996.

NGIAM TONG DOW

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R32.12.016 Pt. 2 Vol. 4; AG/SL/10/95(E)]

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