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No. S 277

Income Tax Act

(Chapter 134)

Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 2006

In exercise of the powers conferred by section 14I(4) 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 2006.

Declaration of provisions in accounts

2. It is hereby declared that, subject to the conditions specified in the letter of approval dated 2nd May 2006, the provisions in the accounts of The Tokai Bank Limited Singapore Branch which have been transferred to UFJ Bank Limited Singapore Branch —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of The Tokai Bank Limited Singapore Branch; and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to UFJ Bank Limited Singapore Branch as a deduction under that section.

Made this 11th day of May 2006.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[R032.018.00010.V07; AG/LEG/SL/134/2005/20 Vol. 1]