Income Tax (IB Offshore Pte. Limited — Section 13(4) Exemption) Notification 2022

No. S 831

Income Tax Act 1947

Income Tax
(IB Offshore Pte. Limited —
Section 13(4) Exemption) Notification 2022

In exercise of the powers conferred by section 13(4) of the Income Tax Act 1947, the Minister for Finance makes the following Notification:

Citation and commencement

1.  This Notification is the Income Tax (IB Offshore Pte. Limited — Section 13(4) Exemption) Notification 2022 and is deemed to have come into operation on 3 December 2013.

Exemption

2.—(1)  The interest and commitment fee paid by IB Offshore Pte. Limited —

(a) to The Export‑Import Bank of China;

(b) in respect of the loan amount of US$892,471,344 used for the purpose of financing the acquisition of the vessels specified in the Schedule;

(c) under the loan agreement between IB Offshore Pte. Limited and The Export‑Import Bank of China dated 28 November 2013; and

(d) that is paid during the period from 3 December 2013 to 21 October 2019 (both dates inclusive),

is exempt from tax.

(2)  The exemption in sub‑paragraph (1) is subject to the conditions specified in the letter from the Ministry of Finance dated 23 August 2022 addressed to KPMG Services Pte. Ltd.

THE SCHEDULE

Paragraph 2(1)(b)

Vessels

1. BOURBON AMPAN

2. BOURBON CALM

3. BOURBON CLEAR

4. BOURBON EVOLUTION 803

5. BOURBON EVOLUTION 804

6. BOURBON EVOLUTION 805

7. BOURBON EVOLUTION 806

8. BOURBON EVOLUTION 807

9. BOURBON EVOLUTION 808

10. BOURBON EXPLORER 502

11. BOURBON EXPLORER 504

12. BOURBON EXPLORER 506

13. BOURBON FRONT

14. BOURBON GOMEN

15. BOURBON HORUS

16. BOURBON JINDAMANEE

17. BOURBON KAIMOOK

18. BOURBON LIBERTY 101

19. BOURBON LIBERTY 104

20. BOURBON LIBERTY 106

21. BOURBON LIBERTY 107

22. BOURBON LIBERTY 108

23. BOURBON LIBERTY 109

24. BOURBON LIBERTY 152

25. BOURBON LIBERTY 153

26. BOURBON LIBERTY 154

27. BOURBON LIBERTY 157

28. BOURBON LIBERTY 160

29. BOURBON LIBERTY 161

30. BOURBON LIBERTY 162

31. BOURBON LIBERTY 163

32. BOURBON LIBERTY 202

33. BOURBON LIBERTY 203

34. BOURBON LIBERTY 206

35. BOURBON LIBERTY 309

36. BOURBON LIBERTY 311

37. BOURBON LIBERTY 318

38. BOURBON LIBERTY 319

39. BOURBON LIBERTY 320

40. BOURBON MORRAKOT

41. BOURBON NILGAN

42. BOURBON PAITOON

43. BOURBON PHET

44. BOURBON RAINBOW

45. BOURBON TONG KAM

46. UNGUNDJA

Made on 22 October 2022.

LAI WEI LIN

Second Permanent Secretary,
Ministry of Finance,
Singapore.

[AG/LEGIS/SL/134/2020/12 Vol. 1]