MAS 752 22 Jul 1978 NOTICE TO BANKS AND AUTHORISED DEPOSITORIES Reference: ID(D) 028-04 VI dd 22.7.78 Withholding Tax on US$NCDs 1       Please be informed that the Ministry of Finance has decided that all payers of interest on US$NCDs are exonerated from having to withhold tax on interest derived from US$NCDs by non-resident entities having a permanent establishment in Singapore. Please note, however, that these entities are still liable to Singapore tax. It is therefore necessary to continue keeping records of names of buyers, and serial numbers of US$NCDs placed with Authority Depositaries.