Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 4) Notification 2005

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No. S 453

Income Tax Act

(Chapter 134)

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 4) Notification 2005

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. 4) Notification 2005.

Exemption

2. There shall be exempt from tax —

(a)	interest payable by Hung Fu Shipping (Singapore) Pte. Ltd. from 24th July 2003 to 24th January 2006 (both dates inclusive) to Orion Line Shipping S.A. under the Loan Agreement dated 31st March 2003 in respect of the vessel “M/V Nord Star”;
(b)	front-end fees payable by Hung Fu Shipping (Singapore) Pte. Ltd. to Orion Line Shipping S.A. under the Loan Agreement referred to in sub-paragraph (a); and
(c)	recurring loan facility fees payable by Hung Fu Shipping (Singapore) Pte. Ltd. to its guarantors in respect of the Loan Agreement referred to in sub-paragraph (a).

Cancellation

3. The Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2005 (G.N. No. S 42/2005) is cancelled with effect from 20th January 2005.

Made this 23rd day of April 2005.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[R32.12.6 PT26 V13; AG/LEG/SL/134/2002/11 Vol. 3]