Singapore legislation
Regulation 2
of Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2001
Regulation 2
Declaration of provisions in accounts
It is hereby declared that under section 14I(3) of the Act, the provisions in the accounts of DBS Finance Limited which have been transferred to Development Bank of Singapore Limited —
(a)
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of DBS Finance Limited; and
(b)
shall for the purposes of section 14I of the Act be treated as having been allowed to Development Bank of Singapore Limited as a deduction under that section,subject to the conditions specified in the letter of approval dated 24th November 2000.