Exemption
3.—(1)  There shall be exempt from tax any payment made by a company for the time being approved as an approved securitisation company to a person who is neither resident in Singapore nor a permanent establishment in Singapore —
(a)on over-the-counter financial derivatives in connection with an asset securitisation transaction, where the payment is liable to be made during the period from 27th February 2004 to 31st December 2008 (both dates inclusive) under —
(i)a contract for such derivatives which took effect before 15th February 2007; or
(ii)a contract for such derivatives which is extended or renewed, where the extension or renewal took effect before 15th February 2007; and
(b)on over-the-counter financial derivatives in connection with an asset securitisation transaction, where the payment is liable to be made under —
(i)a contract for such derivatives which takes effect during the period from 15th February 2007 to 31st December 2008 (both dates inclusive); or
(ii)a contract for such derivatives which is extended or renewed, where the extension or renewal takes effect during the period from 15th February 2007 to 31st December 2008 (both dates inclusive).
(2)  The exemption under sub-paragraph (1) shall be subject to —
(a)the approved securitisation company being resident in Singapore;
(b)the conditions specified in regulation 3 of the Income Tax (Exemption of Income of Approved Securitisation Company) Regulations 2008 (G.N. No. S 96/2008); and
(c)the approved securitisation company making such declaration in relation to any transaction with a related party of the approved securitisation company as may be required by the Comptroller or the Authority for the purpose of this Notification.