No. S 103
Income Tax Act
(Chapter 134)
Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 2008
In exercise of the powers conferred by section 14I(4) of the Income Tax Act, the Minister for Finance hereby makes the following Order:
Citation
1.  This Order may be cited as the Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 2008.
Declaration of provisions in accounts of Bank Austria Creditanstalt International AG Singapore Branch
2.  It is hereby declared that, subject to the conditions specified in the letter of approval dated 15th February 2008, the provisions in the accounts of Bank Austria Creditanstalt International AG Singapore Branch which have been transferred to Bank Austria Aktiengesellschaft AG Singapore Branch —
(a)shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Bank Austria Creditanstalt International AG Singapore Branch; and
(b)shall for the purposes of section 14I of the Act be treated as having been allowed to Bank Austria Aktiengesellschaft AG Singapore Branch as a deduction under that section.
Declaration of provisions in accounts of Bank Austria Aktiengesellschaft AG Singapore Branch
3.  It is hereby declared that, subject to the conditions specified in the letter of approval dated 15th February 2008, the provisions in the accounts of Bank Austria Aktiengesellschaft AG Singapore Branch which have been transferred to Bayerische Hypo-und Vereinsbank AG Singapore Branch —
(a)shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Bank Austria Aktiengesellschaft AG Singapore Branch; and
(b)shall for the purposes of section 14I of the Act be treated as having been allowed to Bayerische Hypo-und Vereinsbank AG Singapore Branch as a deduction under that section.

Made this 26th day of February 2008.

TEO MING KIAN
Permanent Secretary,
Ministry of Finance,
Singapore.
[MF R32.18.10 V8; AG/LEG/SL/134/2005/20 Vol. 1]