Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2006

No. S 610

Income Tax Act

(Chapter 134)

Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2006

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 2006.

Declaration of provisions in accounts of Banca Commerciale Italiana Singapore Branch

2. It is hereby declared that, subject to the conditions specified in the letter of approval dated 9th October 2006, the provisions in the accounts of Banca Commerciale Italiana Singapore Branch which have been transferred to Banca Intesa S.P.A. Singapore Branch —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Banca Commerciale Italiana Singapore Branch; and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to Banca Intesa S.P.A. Singapore Branch as a deduction under that section.

Declaration of provisions in accounts of The Industrial Bank of Japan Limited Singapore Branch

3. It is hereby declared that, subject to the conditions specified in the letter of approval dated 9th October 2006, the provisions in the accounts of The Industrial Bank of Japan Limited Singapore Branch which have been transferred to Mizuho Corporate Bank Limited Singapore Branch —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of The Industrial Bank of Japan Limited Singapore Branch; and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to Mizuho Corporate Bank Limited Singapore Branch as a deduction under that section.

Declaration of provisions in accounts of Sumitomo Mitsui Banking Corporation Singapore Branch

4. It is hereby declared that, subject to the conditions specified in the letter of approval dated 9th October 2006, the provisions in the accounts of Sumitomo Mitsui Banking Corporation Singapore Branch (Registration No. F02256K) which have been transferred to Sumitomo Mitsui Banking Corporation Singapore Branch (Registration No. F06366D) —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Sumitomo Mitsui Banking Corporation Singapore Branch (Registration No. F02256K); and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to Sumitomo Mitsui Banking Corporation Singapore Branch (Registration No. F06366D) as a deduction under that section.

Declaration of provisions in accounts of Nordea Bank Finland Plc Singapore Branch

5. It is hereby declared that, subject to the conditions specified in the letter of approval dated 9th October 2006, the provisions in the accounts of Nordea Bank Finland Plc Singapore Branch (Registration No. F06157M) which have been transferred to Nordea Bank Finland Plc Singapore Branch (Registration No. F06200G) —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Nordea Bank Finland Plc Singapore Branch (Registration No. F06157M); and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to Nordea Bank Finland Plc Singapore Branch (Registration No. F06200G) as a deduction under that section.

Declaration of provisions in accounts of Industrial & Commercial Bank Ltd

6. It is hereby declared that, subject to the conditions specified in the letter of approval dated 9th October 2006, the provisions in the accounts of Industrial & Commercial 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 Industrial & Commercial 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.

Declaration of provisions in accounts of Overseas Union Trust Ltd

7. It is hereby declared that, subject to the conditions specified in the letter of approval dated 9th October 2006, the provisions in the accounts of Overseas Union Trust 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 Overseas Union Trust 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.

Declaration of provisions in accounts of Keppel TatLee Finance Limited

8. It is hereby declared that, subject to the conditions specified in the letter of approval dated 9th October 2006, the provisions in the accounts of Keppel TatLee Finance Limited which have been transferred to OCBC Finance Limited —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Keppel TatLee Finance Limited; and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to OCBC Finance Limited as a deduction under that section.

Declaration of provisions in accounts of Keppel TatLee Bank Limited

9. It is hereby declared that, subject to the conditions specified in the letter of approval dated 9th October 2006, the provisions in the accounts of Keppel TatLee Bank Limited which have been transferred to Oversea-Chinese Banking Corporation Limited —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Keppel TatLee Bank Limited; and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to Oversea-Chinese Banking Corporation Limited as a deduction under that section.

Declaration of provisions in accounts of OCBC Finance Limited

10. It is hereby declared that, subject to the conditions specified in the letter of approval dated 9th October 2006, the provisions in the accounts of OCBC Finance Limited which have been transferred to Oversea-Chinese Banking Corporation Limited —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of OCBC Finance Limited; and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to Oversea-Chinese Banking Corporation Limited as a deduction under that section.

Declaration of provisions in accounts of MeritaNordbanken Merchant Bank Singapore Limited

11. It is hereby declared that, subject to the conditions specified in the letter of approval dated 9th October 2006, the provisions in the accounts of MeritaNordbanken Merchant Bank Singapore Limited which have been transferred to Nordea Bank Finland Plc Singapore Branch —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of MeritaNordbanken Merchant Bank Singapore Limited; and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to Nordea Bank Finland Plc Singapore Branch as a deduction under that section.

Made this 31st day of October 2006.

TEO MING KIAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R32.18.0010 Vol. 8; AG/LEG/SL/134/2005/20 Vol. 1]

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