Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2003

Status:

Published in Subsidiary Legislation Supplement
on 27 Oct 2003

No. S 493

Income Tax Act

(Chapter 134)

Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2003

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) (No. 2) Order 2003.

Declaration of provisions in accounts

2. It is hereby declared that, subject to the conditions specified in the letter of approval dated 10th October 2003, the provisions in the accounts of Bank Brussels Lambert Singapore Branch which have been transferred to ING Bank N.V. Singapore Branch —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Bank Brussels Lambert Singapore Branch; and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to ING Bank N.V. Singapore Branch as a deduction under that section.

Made this 22nd day of October 2003.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[R32.018.0010.V7.T1; AG/LEG/SL/134/2002/1 Vol. 2]

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