Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 4) Order 2001

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No. S 303

Income Tax Act

(Chapter 134)

Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 4) 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. 4) 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 Hong Leong Finance Limited which have been transferred to Singapore Finance Limited —

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

subject to the conditions specified in the letter of approval dated 10th May 2001.

Made this 6th day of June 2001.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R)R32.18.0010.V6.F01; AG/LEG/SL/134/1997/8 Vol. 1]

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