Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 1998

Status:

Published in Subsidiary Legislation Supplement
on 09 Jan 1998

No. S 19

Income Tax Act

(Chapter 134)

Income Tax (Transfer of Undertaking by
Bank or Finance Company) Order 1998

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) Order 1998.

Declaration of provisions in accounts

2. It is hereby declared that pursuant to section 14I(3) of the Act, the provisions in the account of Lee Wah Bank Ltd which have been transferred to United Overseas Bank Ltd —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Lee Wah Bank Ltd; and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to United Overseas Bank Ltd as a deduction under that section,

subject to the conditions specified in the letter of approval dated 7th September 1996.

Made this 2nd day of January 1998.

NGIAM TONG DOW

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R)R32.18.010 Vol.2; AG/LEG/SL/134/97/1 Vol.1]

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