Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 3) Order 2002

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Published in Subsidiary Legislation Supplement
on 24 Dec 2002

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No. S 666

Income Tax Act

(Chapter 134)

Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 3) Order 2002

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. 3) Order 2002.

Declaration of provisions in accounts

2. It is hereby declared that, subject to the conditions specified in the letter of approval dated 24th April 2002, the provisions in the accounts of Four Seas Bank Limited which have been transferred to Overseas-Chinese Banking Corporation Limited —

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

Made this 20th day of December 2002.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) 32.018.00010. V06 T05; AG/LEG/SL/134/2002/2 Vol. 1]