Regulation 2
Declaration of provisions in accounts
of Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 7) Order 2000
Subsidiary LegislationIn forceProvision 2 of 2
Regulation 2
It is hereby declared that under section 14I(3) of the Act, the provisions in the account of Tat Lee Bank Ltd. which have been transferred to Keppel Tatlee Bank Limited —
(a)
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Tat Lee Bank Ltd.; and
(b)
shall for the purposes of section 14I of the Act be treated as having been allowed to Keppel Tatlee Bank Limited as a deduction under that section,subject to the conditions specified in the letter of approval dated 11th April 2000.