2.—(1) Income received in Singapore by Prime Aviation Holding Pte. Ltd. (a company incorporated in Singapore) from Prime Assets LLP (a limited liability partnership registered in Kazakhstan) —| (a) | in the basis periods for the year of assessment 2020 and subsequent years of assessment; and | | (b) | which is derived from dividends received by Prime Assets LLP from Prime Aviation JSC (a company incorporated in Kazakhstan), which are in turn paid out of profits of Prime Aviation JSC from conducting aviation‑related services in Kazakhstan, |
| (2) The exemption in sub‑paragraph (1) is subject to the conditions specified in the letter of approval dated 8 July 2019 (as revised on 18 July 2019) addressed to IQ EQ Consultants (Singapore) Pte. Ltd., the tax agent of Prime Aviation Holding Pte. Ltd. |
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