Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development Loans) Notification 2002

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No. S 647

Income Tax Act

(Chapter 134)

Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development Loans) Notification 2002

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 and commencement

1. This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development Loans) Notification 2002 and shall be deemed to have come into operation on 18th December 2002.

Exemption

2.—(1) There shall be exempt from tax the interest payable by an approved international shipping enterprise on an approved loan to a bank outside Singapore, subject to the conditions imposed by the Minister and notified to the approved international shipping enterprise.

(2) In this paragraph —

“approved international shipping enterprise” means a company approved as an international shipping enterprise under section 13F of the Act;

“approved loan” means a loan or other arrangement similar in nature to a loan in a currency other than Singapore dollars approved for the purposes of sub-paragraph (1) by the Minister.

Cancellation

3. The Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development Loans) (No. 3) Notification 2001 (G.N. No. S 404/2001) is cancelled.

Made this 18th day of December 2002.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R 32.12.01 Vol. 16; AG/LEG/SL/134/2002/12 Vol. 1]

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