Exemption
2.—(1)  Caterpillar Propulsion Singapore Pte Ltd is granted exemption from tax on the branch profits received in Singapore on or after 22 January 2015 from its branch, Caterpillar Propulsion Middle East, registered in the United Arab Emirates.
(2)  The exemption under sub‑paragraph (1) is subject to the terms and conditions specified in the letter of approval dated 6 April 2015 addressed to Ernst & Young Solutions LLP, the tax agent of Caterpillar Propulsion Singapore Pte Ltd.