| Exemption |
| Exemption |
3.—(1) Subject to sub-paragraphs (3) and (4), there shall be exempt from tax any specified payments which an institution specified in Part I of the Schedule is liable to pay on or after 23rd November 2001 but before 28th October 2003 under a securities lending or repurchase agreement to a person who is neither a resident of nor a permanent establishment in Singapore.
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