Singapore legislation
Regulation 2
of Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 2003
Regulation 2
Declaration of provisions in accounts
It is hereby declared that, subject to the conditions specified in the letter of approval dated 18th July 2003, the provisions in the accounts of Ban Hin Lee Bank Berhad Singapore Branch which have been transferred to Southern Bank Berhad Singapore Branch —
(a)
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Ban Hin Lee Bank Berhad Singapore Branch; and
(b)
shall for the purposes of section 14I of the Act be treated as having been allowed to Southern Bank Berhad Singapore Branch as a deduction under that section.