Stamp Duties (Shipping Investment Enterprise) (Remission) Rules 2008

No. S 21

Stamp Duties Act

(Chapter 312)

Stamp Duties (Shipping Investment Enterprise) (Remission) Rules 2008

In exercise of the powers conferred by sections 74 and 77 of the Stamp Duties Act, the Minister for Finance hereby makes the following Rules:

Citation and commencement

1.  These Rules may be cited as the Stamp Duties (Shipping Investment Enterprise) (Remission) Rules 2008 and shall be deemed to have come into operation on 1st March 2006.

Definitions

2.  In these Rules —

“approved shipping investment enterprise” and “sea-going ship” have the same meanings as in section 13S of the Income Tax Act (Cap. 134);

“special purpose company” means any company that is established solely in order to own or operate any sea-going ship.

Remission of duty

3.  There shall be remitted all duty chargeable under the Act on any contract, agreement or instrument executed during the period from 1st March 2006 to 28th February 2011 (both dates inclusive) relating to the conveyance, assignment or transfer on sale of any stock or shares in any special purpose company or any interest thereof from any person to an approved shipping investment enterprise that —

(a) is listed on the Singapore Exchange; or

(b) is to be listed on the Singapore Exchange —

(i) within one month from the execution of such conveyance, assignment or transfer; or

(ii) within such longer period, and on such terms and conditions, as the Minister or such other person as he may appoint may specify.

Made this 14th day of January 2008.

TEO MING KIAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[R32.18.2934.V5; AG/LEG/SL/312/2005/5 Vol. 1]