Singapore legislation
Regulation 2
of Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 6) 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 OCF Investments Limited (formerly known as OCBC Finance Singapore Limited) which have been transferred to OCBC Finance Limited (formerly known as Focal Finance Limited) —
(a)
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of OCF Investments Limited; and
(b)
shall for the purposes of section 14I of the Act be treated as having been allowed to OCBC Finance Limited as a deduction under that section,subject to the conditions specified in the letter of approval dated 21st March 2000.