("ais") incentive - Watson, Farley & Williams

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WATSON, FARLEY & WILLIAMS LLP Utilisation of the Block Transfer Scheme, currently due to expire on 31 December 2013, is also a potential alternative for utilisation by AISE companies, details of which at Annex A. 16 For a period of five years with effect from year of assessment 2009, vessel sales by AISE companies will continue to be treated as tax exempt capital gains, so long as there is ownership and trading/operation of the relevant vessel(s). In his Budget speech on 15 February 2008, the Minister for Finance expanded the concession to apply to gains from both the sale of ships which are subsequently leased back and the sale of shares in a special purpose vehicle which holds the vessels, as well as to foreign exchange gains, and gains from risk management activities. With effect from year of assessment 2009 (for a five year period), gains from the sale of shares in a special purpose vehicle which holds vessels will also be exempt. For further information, please contact any of the following: Chris Lowe (email clowe@wfw.com) / Ken Cheung (email kcheung@wfw.com) / Goh Mei Lin (email mlgoh@wfw.com) / Damian Adams (email dadams@wfw.com) at: Watson, Farley & Williams LLP 16 Collyer Quay #12-02 Hitachi Tower Singapore 049318 Tel: + 65 6532 5335 Fax: + 65 6532 5454 10
WATSON, FARLEY & WILLIAMS LLP Schedule Exemption from Income Tax on Shipping Income derived by Singapore Residents in Treaty Countries Full Exemption Australia, Austria, Bahrain, Belgium, Bulgaria, Canada, Chile, Cyprus, Denmark, Egypt, France, Germany, Hong Kong, India, Israel, Italy, Japan, Korea, Kuwait, Latvia, Lithuania, The Netherlands, Mongolia, New Zealand, Norway, Papua New Guinea (subject to certain conditions), People's Republic of China (subject to certain conditions), Portugal, Romania, South Africa, Taiwan, United Arab Emirates, United Kingdom, United States (subject to certain conditions), Vietnam. 50% Exemption Bangladesh, Czech Republic, Finland, Hungary, Indonesia, Luxembourg, Malaysia, Mauritius, Mexico, Myanmar, Pakistan, Poland, Sri Lanka, Sweden, Switzerland, Thailand, Turkey. 11
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("ais") incentive - Watson, Farley & Williams

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