Singapore published the Income Tax (Finance Lease of Ship — Section 13(4) Exemption) Notification 2020 and the Income Tax (Finance Lease of Container — Section 13(4) Exemption) Notification 2020 in the Official Gazette on 15 September 2020. The notifications provide exemptions from tax on certain finance lease payments by shipping enterprises to non-resident persons. In general, finance lease payments are subject to 15% withholding tax under domestic law.
The exemptions provided by the not…