Income Tax (Exemption of Interests and Other Payments for Economic and Technological Development Loans) (No. 8) Notification 1996

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No. S 220

Income Tax Act

(Chapter 134)

Income Tax (Exemption of Interests and Other Payments for Economic and Technological Development Loans) (No. 8) 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. 8) Notification 1996 and shall be deemed to have come into operation on 1st June 1995.

2. Any payment made under an interest rate swap transaction in currencies other than Singapore dollars by Cargill Financial Services Asia Pte Ltd to any bank outside Singapore shall be exempt from tax subject to the terms and conditions specified in the letters of approval dated 8th April 1996 and 7th May 1996 issued by the Monetary Authority of Singapore to Cargill Financial Services Asia Pte Ltd.

Made this 13th day of May 1996.

NGIAM TONG DOW

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R32.16.057 Vol. 11 T3; AG/SL/10/95(E)]

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