Income Tax Act
(Chapter 134, Section 14I(3))
Income Tax (Transfer of Undertaking by Bank or Finance Company) (Consolidation) Order
O 35
G.N. No. S 19/1998

REVISED EDITION 1994
(31st January 2000)
1.  This Order may be cited as the Income Tax (Transfer of Undertaking by Bank or Finance Company) (Consolidation) Order.
2.  It is hereby declared that under section 14I(3) of the Act —
(a)the provisions in the account of Lee Wah Bank Ltd which have been transferred to United Overseas Bank Ltd —
(i)shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Lee Wah Bank Ltd; and
(ii)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;
[S 19/98]
(b)the provisions in the account of Monte dei Paschi di Siena Singapore Branch which have been transferred to Banca Monte dei Paschi di Siena SpA Singapore Branch —
(i)shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Monte dei Paschi di Siena Singapore Branch; and
(ii)shall for the purposes of section 14I of the Act to be treated as having been allowed to Banca Monte dei Paschi di Siena SpA Singapore Branch as a deduction under that section,
[S 20/98]
subject to the conditions specified in the letter of approval dated 7th September 1996.
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