Regulation 1
Citation
This Order may be cited as the Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 2011.
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Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 2011 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S191-2011 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 2011.
Declaration of provisions in accounts
It is hereby declared that, subject to the conditions specified in the letter of approval dated 24th January 2011, the collective impairment in the accounts of Raiffeisen Zentralbank Osterreich AG-Singapore Branch which have been transferred to Raiffeisen Bank International AG-Singapore Branch —
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Raiffeisen Zentralbank Osterreich AG-Singapore Branch; and
shall for the purposes of section 14I of the Act be treated as having been allowed to Raiffeisen Bank International AG-Singapore Branch as a deduction under that section.
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