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On 24/11/2014, you requested the version in force on 24/11/2014 incorporating all amendments published on or before 24/11/2014. The closest version currently available is that of 01/03/2006.
Exemption
3.
—(1)  Where a company or partnership that is incorporated, registered or formed outside Singapore (excluding a permanent establishment in Singapore) is approved by the Minister or such person as he may appoint as satisfying the requirements set out in sub-paragraph (2), then, for so long as the company or partnership is so approved, there shall be exempt from tax the income of an approved shipping investment enterprise received in Singapore that comprises —
(a)
the dividends from such an approved company; or
(b)
the partnership profits of such an approved partnership,
if the dividends or partnership profits, as the case may be, are paid out of income derived by the approved company or partnership from any of the following activities:
(i)
any activity referred to in sub-paragraph (2)(a)(i) or (ii), where the sea-going ship or sea-going Singapore ship, as the case may be, was —
(A)
in the case of a company or partnership approved before 1st April 2008, acquired by the approved company or partnership during the period of its approval; and
(B)
in the case of a company or partnership approved on or after 1st April 2008, acquired by the approved company or partnership before or during the period of its approval;
(ii)
any activity referred to in sub-paragraph (2)(a)(iii), where the income is derived in the basis period for the year of assessment 2009 or a subsequent year of assessment.
(2)  The requirements referred to in sub-paragraph (1) are that the approved company or partnership, as the case may be —
(a)
does not carry on any business other than any of the following:
(i)
chartering or finance leasing any sea-going ship, acquired by the approved company or partnership before or during the period of its approval, to —
(A)
a person who is neither resident in Singapore nor a permanent establishment in Singapore;
(B)
an approved international shipping enterprise; or
(C)
the approved shipping investment enterprise referred to in sub-paragraph (1),
for use outside the limits of the port of Singapore;
(ii)
chartering or finance leasing any sea-going Singapore ship, acquired by the approved company or partnership before or during the period of its approval, to a shipping enterprise within the meaning of section 13A of the Act for use outside the limits of the port of Singapore;
(iii)
foreign exchange and risk management activities which are carried out in connection with and incidental to the activities referred to in sub-paragraphs (i) and (ii);
(b)
carries on its business from a place outside Singapore;
(c)
is controlled and managed by the approved shipping investment enterprise referred to in sub-paragraph (1); and
(d)
makes the payments referred to in sub-paragraph (1) to the approved shipping investment enterprise for a purpose which promotes or enhances the economic development of Singapore.