PAPUA NEW GUINEA

Income Tax (Amendment) Act 2010.

No. 2 of 2010.

Certified on: 09 MAR 2010

Income Tax (Amendment) Act 2010.

ARRANGEMENT OF SECTION.

Exemption of Certain Interest Income (Amendment of Section 35).
_______________

AN ACT

entitled

Income Tax (Amendment) Act 2010,

Being an Act to amend the Income Tax Act 1959 and for related purposes,

MADE by the National Parliament and deemed to have come into operation on 3 March 2010.

EXEMPTION OF CERTAIN INTEREST INCOME (AMENDMENT OF SECTION 35).

Section 35 of the Principal Act is amended by inserting after Subsection (2)(e) the following paragraphs:

"(f) interest derived by any Finance Company referred to in Clause 13.3(f) of the PNG LNG Gas Agreement (whether or not it makes the election in Section 124A) from:

(i) any shareholder of such Finance Company; or

(ii) any LNG Project Company,

under any transaction in connection with, for the purpose of any party to the transaction providing, or constitution, Financing as defined in Clause 1 of the PNG LNG Gas Agreement (such interest being exempt notwithstanding Section 155R); and

(g) interest derived by a non-resident lender from ‑

(i) any Finance Company referred to in Clause 13.3(f) of the PNG LNG Gas Agreement (whether or not it makes the election in Section 124A); or

(ii) any shareholder of such Finance Company; or

(iii) any LNG Project Company,

under any transaction in connection with, for the purpose of any party to the transaction providing, or constituting, Financing as defined in Clause 1 of the PNG LNG Gas Agreement".
_______________

I hereby certify that the above is a fair print of the Income Tax (Amendment) Act 2010 which has been made by the National Parliament.

Clerk of the National Parliament.

I hereby certify that the Income Tax (Amendment) Act 2010 was made by the National Parliament on 4 March 2010.

Speaker of the National Parliament.