No. S 88
Income Tax Act 1947
Income Tax
(Concerto Singapore Pte. Ltd. —
Section 13(4) Exemption)
Notification 2023
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 (Concerto Singapore Pte. Ltd. — Section 13(4) Exemption) Notification 2023 and is deemed to have come into operation on 8 June 2021.
Exemption
2.—(1)  The interest payable by Concerto Singapore Pte. Ltd. —
(a)to the lenders mentioned in the first column of the following table;
(b)in respect of the respective loan amounts mentioned in the second column of the table, being amounts that are or are to be used for the purpose 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
Lender
Loan amount
(US$)
Vessel
Agreement
Period
(both dates inclusive)
San-in Godo Bank. Ltd.
3,295,000
Hull No. 11066
Loan agreement dated 18 November 2021
1 December 2021 to 30 June 2022
Cygnus Line Shipping S.A.
18,000,000
M/V Lowlands Energy
Loan agreement dated 20 May 2022
31 May 2022 to 30 June 2022
Libera Corporation
3,076,000
Hull No. SC 401
Loan agreement dated 4 June 2021
8 June 2021 to 30 June 2022
 
 
 
Loan agreement dated 1 November 2021
15 November 2021 to 30 June 2022
Libera Corporation
1,597,500
Hull No. 11063
Loan agreement dated 1 November 2021
15 November 2021 to 30 June 2022
Libera Corporation
18,000,000
M/V Lowlands Energy
Loan agreement dated 30 March 2022
1 April 2022 to 2 June 2022
Libera Corporation
4,000,000
M/V Lowlands Energy
Loan agreement dated 30 March 2022
1 April 2022 to 30 June 2022
(2)  The exemption in sub-paragraph (1) is subject to the conditions specified in the letter from the Ministry of Finance dated 30 January 2023 and addressed to Concerto Singapore Pte. Ltd.
Made on 19 February 2023.
LAI WEI LIN
Second Permanent Secretary,
Ministry of Finance,
Singapore.
[AG/LEGIS/SL/134/2020/12 Vol. 3]
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