{"id":1836,"date":"2022-02-21T10:14:00","date_gmt":"2022-02-21T02:14:00","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1836"},"modified":"2022-03-10T10:21:19","modified_gmt":"2022-03-10T02:21:19","slug":"transport-sector","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2022\/02\/21\/transport-sector\/","title":{"rendered":"FY 2022 Transport Sector"},"content":{"rendered":"\n<p>On or about 18 Feb 2022, the Minister for Finance, Mr. Lawrence Wong, delivered his Budget Statement for the Financial Year 2022.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>Extend the broad-based withholding tax (\u201cWHT\u201d) exemption for container lease payments made to non-tax-resident lessors under operating lease agreements<\/em><\/strong><\/p>\n\n\n\n<p>This exemption is scheduled to lapse after 31 December 2022.<\/p>\n\n\n\n<p>To continue supporting the local demand for containers, container lease payments made to non-tax-resident lessors under operating lease agreements entered into on or before 31 December 2027 will be exempted from withholding tax.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>Extend the broad-based WHT exemption for ship and container lease payments under finance lease agreements for Maritime Sector Incentive (\u201cMSI\u201d) recipients<\/em><\/strong><\/p>\n\n\n\n<p>This WHT exemption is scheduled to lapse after 31 December 2023.<\/p>\n\n\n\n<p>To continue developing Singapore as an international maritime centre, ship and container lease payments made by specified Maritime Sector Incentive (MSI) award recipients to non-resident lessors (excluding payments derived from any operation carried on by the non-resident through its permanent establishment in Singapore) under finance lease agreements entered into on or before 31 December 2028 will be exempted from withholding tax.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>Extend the Aircraft Leasing Scheme<\/em><\/strong><\/p>\n\n\n\n<p>The Aircraft Leasing Scheme (ALS) is scheduled to lapse after 31 December 2022.<\/p>\n\n\n\n<p>To continue encouraging the growth of the aircraft leasing sector in Singapore, the Aircraft Leasing Scheme will be extended till 31 December 2027.<\/p>\n\n\n\n<p>Under the ALS, approved aircraft lessors and aircraft investment managers enjoy the following tax benefits:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>a concessionary tax rate of 8% on income derived by approved aircraft lessors from the leasing of aircraft or aircraft engines and qualifying ancillary activities<\/li><li>a concessionary tax rate of 10% on income derived by approved aircraft managers from managing an approved aircraft lessor and qualifying activities, and<\/li><li>automatic withholding tax exemption on qualifying payments made by approved aircraft lessors to non-residents (excluding a permanent establishment in Singapore) in respect of qualifying loans and finance leases entered into to finance the purchase of aircraft or aircraft engines, subject to conditions.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"<p>On or about 18 Feb 2022, the Minister for Finance, Mr. Lawrence Wong, delivered his Budget Statement for the Financial Year 2022. Extend the broad-based withholding tax (\u201cWHT\u201d) exemption for container lease payments made to non-tax-resident lessors under operating lease agreements This exemption is scheduled to lapse after 31 December 2022. To continue supporting the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,6],"tags":[],"class_list":["post-1836","post","type-post","status-publish","format-standard","hentry","category-incometax","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1836"}],"version-history":[{"count":3,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1836\/revisions"}],"predecessor-version":[{"id":1874,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1836\/revisions\/1874"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1836"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}