Exemption for interest payment under specified contract effective before 20 February 2018 or on date between 20 February 2018 and 18 February 2020
3.—(1) This paragraph applies to any interest payment —
(a)
made by a member of an approved exchange 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 a margin deposit interest payment required to be made —
(i)
under —
(A)
a specified contract that took effect on a date before 20 February 2018; or
(B)
a specified contract that was extended or renewed, and the extension or renewal took effect on a date before 20 February 2018,
where the payment is made on a date that falls within the period from 20 February 2018 to 31 December 2022 (both dates inclusive);
[S 555/2020 wef 19/02/2020]
(ii)
under a specified contract that takes effect on a date that falls within the period from 20 February 2018 to 18 February 2020 (both dates inclusive); or
[S 555/2020 wef 19/02/2020]
(iii)
under a specified contract that is extended or renewed, where —
(A)
the extension or renewal takes effect on a date that falls within the period from 20 February 2018 to 18 February 2020 (both dates inclusive); and
[S 555/2020 wef 19/02/2020]
(B)
the payment is made on or after the date on which such extension or renewal takes effect.
(2) Any payment mentioned in sub-paragraph (1) is exempt from tax.