No. S 384
Income Tax Act
(Chapter 134)
Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development Loans) (No. 2) Notification 2001
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 Loans) (No. 2) Notification 2001.
Exemption
2.—(1)  There shall be exempt from withholding tax the following payments made by Singapore Aircraft Leasing Enterprise Pte. Ltd. (referred to in this paragraph as SALE) in relation to Airbus A320-200 Aircraft Manufacturer’s Serial Number 1450:
(a)rent payable to Caladborg Lease Limited during the period 11th May 2001 to 11th May 2011 (both dates inclusive) under a lease agreement dated 10th May 2001 for lease of the aircraft;
(b)interest payable to Halifax PLC under a guarantee dated 10th May 2001 guaranteeing the loan obtained by Caladborg Lease Limited for purchase by Caladborg Lease Limited of the aircraft; and
(c)fees (including front-end fees and commitment fees) payable under the lease agreement and the guarantee referred to in sub-paragraphs (a) and (b), respectively.
(2)  There shall be exempt from withholding tax the following payments made by SALE in relation to Airbus A320-200 Aircraft Manufacturer’s Serial Number 1194:
(a)rent payable to Excalibur Express Limited during the period 19th October 2000 to 19th April 2010 (both dates inclusive) under a lease agreement dated 14th April 2000 for lease of the aircraft;
(b)interest payable to Halifax PLC under a guarantee dated 14th April 2000 guaranteeing the loan obtained by Excalibur Express Limited for purchase by Excalibur Express Limited of the aircraft; and
(c)fees (including front-end fees and commitment fees) payable under the lease agreement and the guarantee referred to in sub-paragraphs (a) and (b), respectively.
(3)  There shall be exempt from withholding tax the following payments made by SALE in relation to Airbus A321-200 Aircraft Manufacturer’s Serial Number 1202:
(a)rent payable to Excalibur Express Limited during the period 19th October 2000 to 19th April 2010 (both dates inclusive) under a lease agreement dated 14th April 2000 for lease of the aircraft;
(b)interest payable to Halifax PLC under a guarantee dated 14th April 2000 guaranteeing the loan obtained by Excalibur Express Limited for purchase by Excalibur Express Limited of the aircraft; and
(c)fees (including front-end fees and commitment fees) payable under the lease agreement and the guarantee referred to in sub-paragraphs (a) and (b), respectively.
Made this 11th day of August 2001.
LIM SIONG GUAN
Permanent Secretary,
Ministry of Finance,
Singapore.
[MF(R)R32.12.01.015 Pt. 28 Vol. 4; AG/LEG/SL/134/1997/3 Vol. 2]