Singapore legislation

Regulation 2

of Income Tax (Transfer of Undertaking by Bank or Finance Company) 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 PT Bank Ekspor Impor Indonesia (Persero), Singapore Branch which have been transferred to PT Bank Mandiri (Persero), Singapore Branch —

(a)

shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of PT Bank Ekspor Impor Indonesia (Persero), Singapore Branch; and

(b)

shall for the purposes of section 14I of the Act be treated as having been allowed to PT Bank Mandiri (Persero), Singapore Branch as a deduction under that section,subject to the conditions specified in the letter of approval dated 22nd February 2000.

Read in full context — Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 2000 →