Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 5) Order 2000

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No. S 402

Income Tax Act

(Chapter 134)

Income Tax (Transfer of Undertaking by Bank
or Finance Company) (No. 5) Order 2000

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. 5) Order 2000.

Declaration of provisions in accounts

2. It is hereby declared that under section 14I(3) of the Act, the provisions in the account of Chung Khiaw Bank Ltd. which have been transferred to United Overseas Bank Ltd. —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Chung Khiaw Bank Ltd.; and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to United Overseas Bank Ltd. as a deduction under that section,

subject to the conditions specified in the letter of approval dated 21st March 2000.

Made this 6th day of September 2000.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R32.18.010 Vol. 5 T1; AG/LEG/SL/134/1997/8 Vol. 1]