Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 12) Notification 1997

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No. S 402

Income Tax Act

(Chapter 134)

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 12) Notification 1997

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 on Economic and Technological Development Loans) (No. 12) Notification 1997.

Exemption

2. There shall be exempt from tax the interest payable under the US$1.5 billion Global Medium Term Note Programme by the Siam Commercial Bank Public Company Limited to any noteholder who is —

(a)	an individual who is not resident in Singapore; or
(b)	a person, other than an individual, who is neither a resident of nor a permanent establishment in Singapore.

Terms and conditions of exemption

3. The exemption is subject to the terms and conditions specified in the Ministry of Finance’s letter of approval dated 24th May 1997 and the Annexes thereto.

Made this 8th day of September 1997.

Singapore.

Ministry of Finance, Second Permanent Secretary,KOH YONG GUAN

[MF(R)R32.12.016 Pt. 2 Vol. 7; AG/LEG/SL/134/95/2 Vol. 1]

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