No. S 20
Income Tax Act
(Chapter 134)
Income Tax (Transfer of Undertaking by
Bank or Finance Company) (No. 2) Order 1997
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. 2) Order 1998.
Declaration of provisions in accounts
2.  It is hereby declared that pursuant to section 14I(3) of the Act, 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 —
(a)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
(b)shall for the purposes of section 14I of the Act be treated as having been allowed to Banca Monte dei Paschi di Siena SpA Singapore Branch as a deduction under that section,
subject to the conditions specified in the letter of approval dated 7th September 1996.

Made this 2nd day of January 1998.

NGIAM TONG DOW
Permanent Secretary,
Ministry of Finance,
Singapore.
[[MF(R)R32.18.010 Vol.2; AG/LEG/SL/134/97/1 Vol.1] ]