Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification 2003

No. S 494

Income Tax Act

(Chapter 134)

Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification 2003

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 and commencement

1.  This Notification may be cited as the Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification 2003.

Exemption

2.—(1)  Subject to sub‑paragraph (2), there shall be exempt from tax any payment in the nature of income referred to in section 12(6) of the Act made by Hitachi International Treasury Ltd on commercial paper notes issued under the US $800 million Commercial Paper Notes Programme during the period from 1st September 2003 to 31st August 2008 to any person who is not resident in Singapore and —

(a) who carries on any operation in Singapore through a permanent establishment in Singapore where the funds used by that person to acquire the commercial paper notes under that programme are not obtained from that operation; or

(b) who does not have any permanent establishment in Singapore.

(2)  The exemption in paragraph (1) is subject to the terms and conditions specified in the letter of approval dated 21st August 2003 and subsequent correspondences, if any, addressed to the company.

Made this 22nd day of October 2003.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[R32.19.2871.V1; AG/LEG/SL/134/2002/11 Vol. 1]