Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2005

No. S 145

Income Tax Act

(Chapter 134)

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2005

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

Citation

1.  This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 3) Notification 2005.

Exemption

2.—(1)  Subject to sub-paragraph (2), there shall be exempt from tax the following payments made by Dong Ya Tankers Pte. Ltd., Nan Guang Maritime Pte. Ltd. and Da Xin Tankers Pte. Ltd.:

(a) interest payments to Deutsche Schiffsbank AG during the period 30th December 2004 to 30th January 2009 (both dates inclusive); and

(b) the legal fees and other payments payable,

under the Loan Agreement dated 30th December 2004 in respect of a US$33 million loan for the purpose of financing the construction of 6 ships.

(2)  The exemption under sub-paragraph (1) is subject to the condition that Dong Ya Tankers Pte. Ltd., Nan Guang Maritime Pte. Ltd. and Da Xin Tankers Pte. Ltd. have registered the 6 ships with the Singapore Registry of Ships by —

(a) 31st March 2008; or

(b) such later date as the Minister may, on the application of Dong Ya Tankers Pte. Ltd., Nan Guang Maritime Pte. Ltd. or Da Xin Tankers Pte. Ltd., allow.

Withdrawal of exemption

3.  The Minister may, without notice, withdraw the exemption granted under paragraph 2 if any of the 6 ships were found not to be registered with the Singapore Registry of Ships within the time allowed under that paragraph.

Made this 16th day of February 2005.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R32.012.6 Pt. 26 V10; AG/LEG/SL/134/2002/11 Vol. 3]