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No. S 209

Income Tax Act

(Chapter 134)

Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 1999

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 1999.

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 the Chase Manhattan Bank, N.A. which have been transferred to the Chase Manhattan Bank (formerly known as Chemical Bank) —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of the Chase Manhattan Bank, N.A.; and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to the Chase Manhattan Bank (formerly known as Chemical Bank) as a deduction under that section,

subject to the conditions specified in the letter of approval dated 2nd January 1999.

Made this 5th day of May 1999.

NGIAM TONG DOW

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R)R32.18.010 Vol. 3; AG/LEG/SL/134/97/8 Vol. 1]