Singapore legislation
Regulation 2
of Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 5) Order 2002
Regulation 2
Declaration of provisions in accounts
It is hereby declared that, subject to the conditions specified in the letter of approval dated 8th June 2002, the provisions in the accounts of Overseas Union Bank Limited which have been transferred to United Overseas Bank Limited —
(a)
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Overseas Union Bank Limited; and
(b)
shall for the purposes of section 14I of the Act be treated as having been allowed to United Overseas Bank Limited as a deduction under that section.