No. S 562
Income Tax Act
(CHAPTER 134)
Income Tax
(TSCL Holdings Pte. Ltd. —
Section 13(4) Exemption) Notification 2020
In exercise of the powers conferred by section 13(4) of the Income Tax Act, the Minister for Finance makes the following Notification:
Citation and commencement
1.  This Notification is the Income Tax (TSCL Holdings Pte. Ltd. — Section 13(4) Exemption) Notification 2020 and is deemed to have come into operation on 8 April 2019.
Exemption
2.—(1)  The interest payable by TSCL Holdings Pte. Ltd. —
(a)to the respective non-resident persons mentioned in the first column of the following table;
(b)in respect of the respective amounts mentioned in the second column of the table that are used for the purposes of financing the acquisition of the respective vessels mentioned in the third column of the table;
(c)under the respective agreements mentioned in the fourth column of the table; and
(d)that is due and payable during the respective periods mentioned in the fifth column of the table,
is exempt from tax:
First
column
Second
column
Third
column
Fourth
column
Fifth
column
Non-resident person
Amount (US$)
Vessel
Agreement
Period
(both dates inclusive)
hsh portfoliomanagement AöR
17,000,000
“M.V. Prabhu Lal” and “M.V. Prabhu Mihikaa”
Loan agreement dated 28 March 2019
5 July 2019 to 30 November 2023
Tolani Shipping Co. Ltd
9,000,000
“M.V. Prabhu Lal”
Memorandum of agreement dated 18 March 2019
8 April 2019 to 25 April 2019
Tolani Shipping Co. Ltd
9,750,000
“M.V. Prabhu Mihikaa”
Memorandum of agreement dated 18 March 2019
12 April 2019 to 30 April 2019
(2)  The exemption under sub-paragraph (1) is subject to the conditions specified in the letter of approval dated 29 May 2020 issued by the Ministry of Finance and addressed to TSCL Holdings Pte. Ltd.
Made on 16 July 2020.
TAN CHING YEE
Permanent Secretary,
Ministry of Finance,
Singapore.
[R032.012.0006.Pt26.V72; AG/LEGIS/SL/134/2020/12 Vol. 1]
Singapore Statutes Online
© 2025 Attorney-General's Chambers of Singapore,
Last updated 17 Feb 2025
Singapore Statutes Online is provided by the Legislation Division of the Attorney-General's Chambers of Singapore.