Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2002

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No. S 665

Income Tax Act

(Chapter 134)

Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2002

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 2002.

Declaration of provisions in accounts

2. It is hereby declared that, subject to the conditions specified in the letter of approval dated 23rd July 2001, the provisions in the accounts of The Sakura Bank Limited Singapore Branch which have been transferred to Sumitomo Mitsui Banking Corporation Singapore Branch —

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

Made this 20th day of December 2002.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) 32.018.00010. V06 T05; AG/LEG/SL/134/2002/2 Vol. 1]