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

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WATSON, FARLEY & WILLIAMS LLP Up to 2% of Gross Revenue Republic of China (Taiwan) Lower of 1-½% Gross Revenue and tax imposed on similar profits of non-residents Philippines . 12
WATSON, FARLEY & WILLIAMS LLP Annex A THE BLOCK TRANSFER SCHEME INTRODUCTION 1. On 7 January 2004 the Permanent Secretary of the Ministry of Finance, Singapore, published the Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2004 (the “Notification”). 2. The Notification introduced a Block Transfer Scheme (the “BTS”), which provided that the interest payable under a loan by a shipping enterprise to a lender outside Singapore would be exempt from withholding tax in respect of any ship registered by the shipping enterprise as a Singapore ship if: (a) the purpose of the loan is to finance the acquisition of the ship; and (b) the shipping enterprise satisfied certain requirements specified in the Schedule under the Block Transfer Scheme administered by the Maritime and Port Authority of Singapore (the “Authority”) and such terms and conditions as the Authority may choose to impose. RECENT CHANGES 3. In February 2009 it was announced in the Singapore Budget 2009 that the BTS would be extended for a further five years until 31 December 2013. 4. From 1 January 2009, the BTS has been enhanced to allow a waiver of withholding tax on interest payable on a loan taken by a shipping enterprise from an overseas lender for the purpose of acquiring 100 per cent of the shares in a Special Purpose Company (“SPC”) that wholly-owns a Singapore-flagged vessel. The main caveat is that the vessel must be a new entrant to the Singapore Registry of Ships which was registered between 1 January 2009 and 31 December 2013 (inclusive). 13
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("ais") incentive - Watson, Farley & Williams

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