Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 3) Order 2001

Status:

Current version
as at 20 Apr 2024

No. S 127

Income Tax Act

(Chapter 134)

Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 3) 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) (No. 3) 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 Bank of Singapore 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 Bank of Singapore 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,

subject to the conditions specified in the letter of approval dated 8th January 2001.

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]

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