Singapore legislation
Regulation 2
of Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 6) 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 10th May 2001, the provisions in the accounts of Hong Leong Finance Limited which have been transferred on 1st September 2001 to Singapore Finance Limited —
(a)
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Hong Leong Finance Limited; and
(b)
shall for the purposes of section 14I of the Act be treated as having been allowed to Singapore Finance Limited as a deduction under that section.