Singapore legislation
Regulation 2
of Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 2011
Regulation 2
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 —
(a)
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
(b)
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.