Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2010

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No. S 652

Income Tax Act

(Chapter 134)

Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2010

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) (No. 2) Order 2010.

Declaration of provisions in accounts

2. It is hereby declared that, subject to the conditions specified in the letter of approval dated 5th October 2010, the provisions in the accounts of Hana Bank Singapore Branch (ACRA Registration No. T00FC5901B) which have been transferred to Hana Bank Singapore Branch (ACRA Registration No. T03FC6382K) —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Hana Bank Singapore Branch (ACRA Registration No. T00FC5901B); and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to Hana Bank Singapore Branch (ACRA Registration No. T03FC6382K) as a deduction under that section.

Made this 26th day of October 2010.

PETER ONG

Permanent Secretary,
Ministry of Finance,
Singapore.

[R032.018.0049.V4; AG/LLRD/SL/134/2010/13 Vol. 1]