Income Tax (IB Offshore Pte. Limited — Section 13(4) Exemption) Notification 2022

Status:

Current version
as at 28 Apr 2024

No. S 831

Income Tax Act 1947

Income Tax
(IB Offshore Pte. Limited —
Section 13(4) Exemption) Notification 2022

In exercise of the powers conferred by section 13(4) of the Income Tax Act 1947, the Minister for Finance makes the following Notification:

Citation and commencement

1. This Notification is the Income Tax (IB Offshore Pte. Limited — Section 13(4) Exemption) Notification 2022 and is deemed to have come into operation on 3 December 2013.

Exemption

2.—(1) The interest and commitment fee paid by IB Offshore Pte. Limited —

(a)	to The Export‑Import Bank of China;
(b)	in respect of the loan amount of US$892,471,344 used for the purpose of financing the acquisition of the vessels specified in the Schedule;
(c)	under the loan agreement between IB Offshore Pte. Limited and The Export‑Import Bank of China dated 28 November 2013; and
(d)	that is paid during the period from 3 December 2013 to 21 October 2019 (both dates inclusive),

is exempt from tax.

(2) The exemption in sub‑paragraph (1) is subject to the conditions specified in the letter from the Ministry of Finance dated 23 August 2022 addressed to KPMG Services Pte. Ltd.

Made on 22 October 2022.

LAI WEI LIN

Second Permanent Secretary,
Ministry of Finance,
Singapore.

[AG/LEGIS/SL/134/2020/12 Vol. 1]

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