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No. S 124

Income Tax Act

(Chapter 134)

Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 2001

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 2001.

Declaration of provisions in accounts

2. It is hereby declared that under section 14I(3) of the Act, the provisions in the accounts of Natexis Banque Singapore Branch which have been transferred to Natexis Banque Populaires Singapore Branch —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Natexis Banque Singapore Branch; and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to Natexis Banque Populaires Singapore Branch as a deduction under that section,

subject to the conditions specified in the letter of approval dated 16th November 2000.

Made this 28th day of February 2001.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R32.18.10 Vol. 5 F.02; AG/LEG/SL/134/1997/8 Vol. 1]