On 20/06/2013,
you requested for the version in force on 20/06/2013
incorporating all amendments published on or before 20/06/2013.
The closest version currently available is that of 01/01/2008.
13F.
—(1) Subject to subsection (2), there shall be exempt from tax the income of an approved international shipping enterprise derived —
(a)
on or after 1st April 1991 from —
(i)
the carriage of passengers, mails, livestock or goods from outside the limits of the port of Singapore by any foreign ship;
(ii)
the charter of any foreign ship to any person where such ship is used by the person for the carriage of passengers, mails, livestock or goods outside the limits of the port of Singapore; and
(iii)
the carriage of passengers, mails, livestock or goods by any foreign ship to Singapore solely for the purpose of transhipment;
(b)
for the year of assessment 2005 and subsequent years of assessment from —
(i)
the operation outside the limits of the port of Singapore of any dredger, seismic ship or any vessel used for offshore oil or gas activity; and
(ii)
the charter of any foreign dredger, foreign seismic ship, or any foreign vessel used for offshore oil or gas activity to any person where such dredger, seismic ship or vessel is used by the person for his operation outside the limits of the port of Singapore;
(c)
for the year of assessment 2003 and subsequent years of assessment from —
(i)
towing or salvage operations carried out from outside the limits of the port of Singapore by any foreign ship; and
(ii)
the charter of any foreign ship to any person where such ship is used by the person for towage and salvage operations carried out outside the limits of the port of Singapore.
[Act 34/2008, wef Y/A 2008 & Sub Ys/A:2008-ACT-34]
[37/2002; 49/2004]
(2) The exemption shall be for such period not exceeding 10 years as the Minister may specify, except that the Minister or such person as he may appoint may extend the period so specified for such further periods, not exceeding 10 years at any one time, as he thinks fit.
[7/2007]
(3) In determining the amount of the income of an approved international shipping enterprise which is exempted under this section, the allowances provided for in sections 16, 17, 18, 19, 19A, 20, 21, 22 and 23 —
(a)
shall be taken into account notwithstanding that no claim for those allowances has been made; and
(b)
shall only be deducted against the income referred to in subsection (1), and the balance of those allowances shall not be available as a deduction against any other income, except that any balance remaining unabsorbed at the end of the tax exempt period shall be available as a deduction against any other income for the year of assessment which relates to the basis period in which the tax exemption ceases and for any subsequent year of assessment in accordance with section 23.
(4) Where an approved international shipping enterprise incurs a loss during the tax exempt period in respect of the business of carriage or charter referred to in subsection (1), that loss —
(a)
shall be deducted in accordance with section 37; and
(b)
shall only be deducted against the income referred to in subsection (1), and the balance of the loss shall not be available as a deduction against any other income, except that any balance remaining unabsorbed at the end of the tax exempt period shall be available as a deduction against any other income for the year of assessment which relates to the basis period in which the tax exemption ceases and for any subsequent year of assessment in accordance with section 37.
(5) Section 13A(2), (2A), (4), (5), (5A), (6), (7), (8) and (9) shall apply to an approved international shipping enterprise, except that any reference to a shipping enterprise shall be read as a reference to an approved international shipping enterprise.
[32/99; 37/2002]
(6) In this section —
“approved” means approved by the Minister, or such person as he may appoint, subject to such conditions as he may impose;
“foreign ship” means a sea-going ship other than a Singapore ship within the meaning of section 13A(16);
“international shipping enterprise” means any company resident in Singapore owning or operating Singapore ships or foreign ships.
[32/99; 24/2001; 37/2002]