Singapore legislation
Regulation 2
of Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 2008
Regulation 2
Declaration of provisions in accounts of Bank Austria Creditanstalt International AG Singapore Branch
It is hereby declared that, subject to the conditions specified in the letter of approval dated 15th February 2008, the provisions in the accounts of Bank Austria Creditanstalt International AG Singapore Branch which have been transferred to Bank Austria Aktiengesellschaft AG Singapore Branch —
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Bank Austria Creditanstalt International AG Singapore Branch; and
shall for the purposes of section 14I of the Act be treated as having been allowed to Bank Austria Aktiengesellschaft AG Singapore Branch as a deduction under that section.