Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 3) Order 2000

Status:

Published in Subsidiary Legislation Supplement
on 30 Mar 2000

No. S 148

Income Tax Act

(Chapter 134)

Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 3) Order 2000

In exercise of the powers conferred by section 14I(3) 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) (No. 3) Order 2000.

Declaration of provisions in accounts

2. It is hereby declared that under section 14I(3) of the Act, the provisions in the accounts of the Union Bank of Switzerland and Swiss Bank Corporation which have been transferred to UBS AG —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be trading receipts of the Union Bank of Switzerland and Swiss Bank Corporation; and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to UBS AG as a deduction under that section,

subject to the conditions specified in the letter of approval dated 28th February 2000.

Made this 9th day of March 2000.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R32.18.10 Vol. 5; AG/LEG/SL/134/1997/8 Vol. 1 ]

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