Singapore legislation
Regulation 2
of Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 3) 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 Bank of Singapore Limited which have been transferred to Oversea-Chinese Banking Corporation Limited —
(a)
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Bank of Singapore Limited; and
(b)
shall for the purposes of section 14I of the Act be treated as having been allowed to Oversea-Chinese Banking Corporation Limited as a deduction under that section,subject to the conditions specified in the letter of approval dated 8th January 2001.