Singapore legislation
Regulation 2
of Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2000
Regulation 2
Declaration of provisions in accounts
It is hereby declared that under section 14I(3) of the Act, the provisions in the account of The Bank of Tokyo Ltd. which have been transferred to The Bank of Tokyo-Mitsubishi Ltd. —
(a)
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of The Bank of Tokyo Ltd.; and
(b)
shall for the purposes of section 14I of the Act be treated as having been allowed to The Bank of Tokyo-Mitsubishi Ltd. as a deduction under that section,subject to the conditions specified in the letter of approval dated 28th February 2000.