Regulation 1
Citation
This Order may be cited as the Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 1999.
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Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 1999 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S209-1999 1947, currently marked in force and first recorded in 1947.
Citation
This Order may be cited as the Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 1999.
Declaration of provisions in accounts
It is hereby declared that pursuant to section 14I(3) of the Act, the provisions in the account of the Chase Manhattan Bank, N.A. which have been transferred to the Chase Manhattan Bank (formerly known as Chemical Bank) —
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of the Chase Manhattan Bank, N.A.; and
shall for the purposes of section 14I of the Act be treated as having been allowed to the Chase Manhattan Bank (formerly known as Chemical Bank) as a deduction under that section,subject to the conditions specified in the letter of approval dated 2nd January 1999.
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