in Singapore, it is so recommended in the financial review in respect of the period of two years commencing 1st January, 1969 under paragraph 8 above, the loan shall be free of interest for a further period of 5 years; and
- (b) a 15-year loan of $50 million bearing interest at current market rates in the Federation.
The above loans shall be drawn in equal annual instalments over a period of 5 years, commencing in 1964.
Disputes as to interpretation or application of this Agreement. 10. Any dispute between the Federal Government and the Singapore Government as to the interpretation or application of this Agreement may be referred by either Government to the Federal Court for determination by that Court in exercise of the jurisdiction conferred upon it by Article 128 of the Federal Constitution.
ANNEX TO ANNEX J
Part I
Customs and Excise
Subject to the provisions of Paragraphs 1-4 of this agreement the following powers under the Singapore Customs Ordinance are reserved to the Federal Government—
- (1) The power to fix the rate of tax, duty or excise on any class of goods;
- (2) The power to fix by order the value of goods for duty or excise purposes;
- (3) The power to grant exemptions or refunds in respect of duties or excise other than in particular cases where the duty or excise is less than $2,000 in any one instance;
- (4) The power to make regulations both in relation to Customs and Excise.
2. The Federal Government will also have the following powers:—
- (1) The power to appoint Federal officers to inspect the Customs and Excise Department, Singapore. Reports would be submitted to the Federal Government direct with a copy to the Singapore Government and the inspecting officers would have the right of access to all documents and records of the Department.
- (2) The right of the Federal Minister responsible for Customs to issue directions to the State Government which he considers necessary to ensure the effective collection or protection of Federal customs duties and/or excise.
Part II
Income Tax
Powers to be exercised by the Federal Government in relation to collection
(the references are to the Singapore Income Tax Ordinance)
Section 3A
The power of the Minister to give the Comptroller-General directions of a general character.- No. 10760
