2.—(1) This paragraph applies to any payment —| (a) | made by the Monetary Authority of Singapore to a person who is not resident in Singapore; | | (b) | that is not derived through any operation carried on by the person through the person’s permanent establishment in Singapore; and | | (c) | that is liable to be made —| (i) | under —| (A) | a contract for an interest rate or currency swap transaction, where the contract took effect on a date before 26 April 2001; or | | (B) | a contract for an interest rate or currency swap transaction that was extended or renewed, and the extension or renewal of the contract took effect on a date before 26 April 2001, |
| where the payment is made on a date that falls within the period from 26 April 2001 to 31 December 2026 (both dates inclusive) (called in this sub‑paragraph the relevant period); |
[S 332/2024 wef 01/01/2023] | | (ii) | under a contract for an interest rate or currency swap transaction, where the contract takes effect on a date that falls within the relevant period; [S 332/2024 wef 04/11/2022] | | (iii) | under a contract for an interest rate or currency swap transaction that is extended or renewed, where —| (A) | the extension or renewal of the contract takes effect on a date that falls within the relevant period; and | | (B) | the payment is made on or after the date on which such extension or renewal takes effect; or [S 332/2024 wef 04/11/2022] |
| | (iv) | under a contract for an interest rate or currency swap transaction that is varied, where — | (A) | the variation of the contract takes effect on a date that falls within the period from 4 November 2022 and 31 December 2026 (both dates inclusive); and | | (B) | the payment is made on or after the date on which such variation takes effect. |
[S 332/2024 wef 04/11/2022] |
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(1A) However, this paragraph does not apply to any payment that is liable to be made — | (a) | under a contract for an interest rate or currency swap transaction mentioned in sub‑paragraph (1)(c)(ii), (iii) or (iv), that is varied with effect from a date on or after 1 January 2027; and | | (b) | on or after the date on which such variation takes effect. |
[S 332/2024 wef 15/04/2024] |
| (2) Any payment to which this paragraph applies is exempt from tax. [S 332/2024 wef 15/04/2024] |
[S 798/2018 wef 10/12/2018] |