On 20/05/2013,
you requested for the version in force on 20/05/2013
incorporating all amendments published on or before 20/05/2013.
The closest version currently available is that of 01/03/2006.
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 payments made to the approved company or partnership by an approved shipping investment enterprise under any agreement or arrangement for the charter of a sea-going ship by the approved shipping investment enterprise from the approved company or partnership where —
(a)
the sea-going ship was —
(i)
in the case of a company or partnership approved before 1st April 2008, acquired by the approved company or partnership during its period of approval; and
(ii)
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 its period of approval; and
(b)
the sea-going ship is used by the approved shipping investment enterprise for any activity referred to in section 13S(1)(a) or (b) of the Act.
(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)
receives the payments referred to in sub-paragraph (1) made by the approved shipping investment enterprise for a purpose which promotes or enhances the economic development of Singapore.