Comparison View

Formal Consolidation |  Amended S 797/2018
Exemption
3.—(1)  This paragraph applies to any payment —
(a)made by a financial institution to a person who is not resident in Singapore;
(b)that is not derived through any operation carried on by the person through the person’s permanent establishment in Singapore; and
(c)that is liable to be made —
(i)under —
(A)a contract for an interest rate or currency swap transaction, where the contract took effect on a date before 25 February 2000; or
(B)a contract for an interest rate or currency swap transaction that was extended or renewed, and the extension or renewal of the contract took effect on a date before 25 February 2000,
where the payment is made on a date that falls within the period from 25 February 2000 to 31 December 2022 (both dates inclusive) (called in this sub‑paragraph the relevant period);
(ii)under a contract for an interest rate or currency swap transaction, where the contract takes effect on a date that falls within the relevant period; or
(iii)under a contract for an interest rate or currency swap transaction that is extended or renewed, where —
(A)the extension or renewal of the contract takes effect on a date that falls within the relevant period; and
(B)the payment is made on or after the date on which such extension or renewal takes effect.
(2)  Subject to paragraph 4, any payment mentioned in sub‑paragraph (1) is exempt from tax.
[S 797/2018 wef 10/12/2018]
Informal Consolidation | Amended S 329/2024
Exemption
3.—(1)  This paragraph applies to any payment —
(a)made by a financial institution to a person who is not resident in Singapore;
(b)that is not derived through any operation carried on by the person through the person’s permanent establishment in Singapore; and
(c)that is liable to be made —
(i)under —
(A)a contract for an interest rate or currency swap transaction, where the contract took effect on a date before 25 February 2000; or
(B)a contract for an interest rate or currency swap transaction that was extended or renewed, and the extension or renewal of the contract took effect on a date before 25 February 2000,
where the payment is made on a date that falls within the period from 25 February 2000 to 31 December 2022 (both dates inclusive) (called in this sub‑paragraph the relevant period);
(ii)under a contract for an interest rate or currency swap transaction, where the contract takes effect on a date that falls within the relevant period;
[S 329/2024 wef 04/11/2022]
(iii)under a contract for an interest rate or currency swap transaction that is extended or renewed, where —
(A)the extension or renewal of the contract takes effect on a date that falls within the relevant period; and
(B)the payment is made on or after the date on which such extension or renewal takes effect; or
[S 329/2024 wef 04/11/2022]
(iv)under a contract for an interest rate or currency swap transaction that is varied, where —
(A)the variation takes effect on a date that falls within the period from 4 November 2022 to 31 December 2022 (both dates inclusive); and
(B)the payment is made on or after the date on which the variation takes effect.
[S 329/2024 wef 04/11/2022]
(1A)  However, this paragraph does not apply to a payment liable to be made —
(a)under a contract for an interest rate or currency swap transaction mentioned in sub-paragraph (1)(c)(ii), (iii) and (iv), that is varied with effect from a date on or after 15 April 2024; and
(b)on or after the date on which the variation takes effect.
[S 329/2024 wef 15/04/2024]
(2)  Subject to paragraph 4, any payment to which this paragraph applies is exempt from tax.
[S 329/2024 wef 15/04/2024]
[S 797/2018 wef 10/12/2018]