On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 16/12/2008.
17. Section 13S of the principal Act is amended ––
(a)
by deleting subsection (1) and substituting the following subsections:
“(1) Subject to subsections (1B) and (4), there shall be exempt from tax the income derived by an approved shipping investment enterprise —
(a)
from the chartering or finance leasing of any sea-going ship, acquired by the approved shipping investment enterprise before or during the period of its approval referred to in subsection (3), to —
(i)
a person who is neither resident in Singapore nor a permanent establishment in Singapore; or
(ii)
an approved international shipping enterprise,
for use outside the limits of the port of Singapore;
(b)
from the chartering or finance leasing of any sea-going Singapore ship, acquired by the approved shipping investment enterprise before or during the period of its approval referred to in subsection (3), to a shipping enterprise within the meaning of section 13A for use outside the limits of the port of Singapore; and
(c)
for the year of assessment 2009 and subsequent years of assessment, from foreign exchange and risk management activities which are carried out in connection with and incidental to the activities referred to in paragraphs (a) and (b).
(1A) Subsection (1) shall continue to apply to a shipping investment enterprise the approval of which has expired or been withdrawn, but which continues to derive income of the type referred to in subsection (1) in relation to a sea-going ship acquired before or during the period of the approval, provided that the enterprise has by the date of the expiry or before the withdrawal, fulfilled all the conditions referred to in subsection (3); and any reference in this section to an approved shipping investment enterprise shall be construed accordingly.
(1B) Subsections (1) and (1A) shall apply to income derived by an approved shipping investment enterprise in relation to a sea-going ship acquired before the period of its approval, if and only if the enterprise is approved on or after 1st April 2008.”;
(b)
by deleting the words “from the chartering or finance leasing of sea-going ships” in subsection (5);
(c)
by inserting, immediately after the words “a statement” in subsection (7), the words “(to be included in a notice of any assessment served on the enterprise under section 76)”; and
(d)
by deleting the definition of “tax exempt period” in subsection (20) and substituting the following definition:
“ “tax exempt period”, in relation to an approved shipping investment enterprise, means ––
(a)
in a case where the enterprise is approved on or after 1st April 2008 and has acquired a sea-going ship for use outside the limits of the port of Singapore before the date of its approval, the period from the date of its approval to the date where no income of any sea-going ship of the enterprise is eligible for exemption from tax under subsection (1); or
(b)
in any other case, the period from the date the enterprise first acquires, during the period of its approval, a sea-going ship for use outside the limits of the port of Singapore to the date where no income of any sea-going ship of the enterprise is eligible for exemption from tax under subsection (1).”.