Notifications Exemption from Tax of Interest, Royalties, Etc., on Economic and Technological Development Loans

Income Tax Act

(Chapter 134, Section 13(2))

Notifications Exemption from Tax of Interest, Royalties, Etc., on Economic and Technological Development Loans

N 3

G.N. No. S 493/1991

REVISED EDITION 1993

(1st April 1993)

G.N. No.	Exemption Notification.	Date of coming into operation.
S 493/91 [15.11.91]	The interest payable by A.P. Moller Singapore Pte. Ltd. to Hyundai Heavy Industries Co. Ltd., Republic of Korea and any of its assigns which is not resident in Singapore under the following promissory notes shall, subject to the terms and conditions specified in the letters of approval dated 10th April 1989 and 18th August 1989 addressed to A.P. Moller Singapore Pte. Ltd., be exempt from income tax:	—
	(a) Note No. I-1 to 13 and II-1 to 6 dated 16th October 1989;
	(b) Note No. I-1 to 13 and II-1 to 6 dated 15th December 1989;
	(c) Note No. I-1 to 10 and II-1 to 6 dated 9th April 1990;
	(d) Note No. I-1 to 10 and II-1 to 6 dated 17th April 1990;
	(e) Note No. I-1 to 10 and II-1 to 6 dated 27th April 1990; and
	(f) Note No. I-1 to 10 and II-1 to 6 dated 4th September 1990.
S 539/91 [6.12.91]	The swap payments payable by Singapore Aerospace Manufacturing Pte. Ltd. to The Development Bank of Singapore Limited, Tokyo Branch under the Interest Rate Swap Agreement dated 1st August 1991 shall be exempt from income tax.	—
	2. The management fee of US$43,750 payable by Singapore Aerospace Manufacturing Pte. Ltd. to Tokyo Leasing Co., Ltd., Japan under the Credit Sale Agreement dated 1st August 1991 shall be exempt from income tax.
S 7/92 [3.1.92]	The royalties payable by Lotus Development B.V. Asia Pacific Branch to Lotus Development Corporation USA for the right to use the technology to manufacture the software products of Lotus in Singapore under the Royalty Agreement dated 1st April 1985 shall be exempt from income tax.	1st January 1992
S 22/92	[Deleted by S 411/2000 wef 25/02/2000]
S 35/92 [17.1.92]	There shall be exempt from tax discount received from any of the Swiss Francs 70,000,000 Zero Coupon Notes due 1992 issued by Commonwealth Bank of Australia, Singapore on 8th October 1985 by —	—
	(a) any non-resident individuals; and
	(b) any person, other than an individual, if that person is neither a resident of nor a permanent establishment in Singapore.

1.  Ninety-five percent of the gross interest payable by Singapore Airlines Limited to any company specified in the first column of the Schedule in respect of the lease of the aircraft specified in the second column under the agreement made on the date specified in the third column shall be exempt from income tax.

[S 253/92]

[5.6.92]

2.  Ninety-five percent of the net swap payments payable by Singapore Airlines Limited to The Fuji Bank, Limited, Chicago Branch under the Interest Rate and Currency Exchange Agreement dated 22nd February 1991 shall be exempt from income tax.

THE SCHEDULE

First column.	Second column.	Third column.
Company.	Aircraft.	Date of Agreement.
Raffles Leasing Ltd.; a company incorporated under the laws of the United States Virgin Islands	One Boeing model B747-412 Aircraft, Singapore	22nd January 1991.
	Registration Mark 9V, SMH Manufacturer’s Serial No. 24227
Tanah Merah Leasing Ltd., a company incorporated under the laws of the United States Virgin Islands	One Boeing model B747-412 Aircraft, Singapore	22nd February 1991.
	Registration Mark 9V, SMI Manufacturer’s Serial No. 24975

The interest payable on the following loan shall be exempt from income tax from 29th June 1992 to 15th November 1999:

Borrower.	Lender.	Date of Agreement.
Marininvest Shipping (Singapore) Pte Ltd, Singapore	Nordstrom & Thulin AB, Sweden	29th June 1992

[S 358/92]

[7.8.92]

1.  The interest payable by Neptune Orient Lines Limited to Westpac Asian Lending Pty. Limited on the loan of A$78.4 million under the Loan Agreement dated 10th May 1991 shall be exempt from income tax from 14th June 1991 to 28th June 1996:

Provided that in respect of the portion of the loan amounting to A$52.8 million which is used for the purchase of the 3 new container vessels bearing Builder’s Hull numbers 304, 305 and 319 and registered in Singapore, the following conditions shall apply:

(a) there shall be no change in the basic terms and conditions of the Loan Agreement without the prior written approval of the Minister for Finance;

(b) the said vessels shall not be disposed of during the loan period without the prior written approval of the Minister for Finance; and

(c) the said vessels shall continue to be registered with the Registry of Singapore Ships.

[S 364/92]

[21.8.92]

2.  The swap payments on the swap arrangement between Neptune Orient Lines Limited and Westpac Banking Corporation under the Interest Rate and Currency Exchange Agreement dated 10th May 1991 shall be exempt from income tax from 14th June 1991 to 28th June 1996.

LEGISLATIVE HISTORY

Notifications Exemption from Tax of Interest, Royalties, Etc., on Economic and Technological Development Loans

 

This Legislative History is provided for the convenience of users of the Notifications Exemption from Tax of Interest, Royalties, Etc., on Economic and Technological Development Loans. It is not part of this Notification.
1.	G. N. No. S 493/1991—Income Tax (Exemption of Interest on Economic and Technological Development Loans) Notification 1991
	Date of commencement	:	15 November 1991
2.	1993 Revised Edition—Notifications Exemption from Tax of Interest, Royalties, Etc., on Economic and Technological Development Loans
	Date of operation	:	1 April 1993
3.	G. N. No. S 411/2000—Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification 2000
	Date of commencement	:	25 February 2000