Singapore legislation
Regulation 2
of Income Tax (Transfer of Undertaking by Bank or Finance Company) (Consolidation) Order
Regulation 2
It is hereby declared that under section 14I(3) of the Act —
the provisions in the account of Lee Wah Bank Ltd which have been transferred to United Overseas Bank Ltd —
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Lee Wah Bank Ltd; and (ii)shall for the purposes of section 14I of the Act be treated as having been allowed to United Overseas Bank Ltd as a deduction under that section; (b)the provisions in the account of Monte dei Paschi di Siena Singapore Branch which have been transferred to Banca Monte dei Paschi di Siena SpA Singapore Branch —
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Monte dei Paschi di Siena Singapore Branch; and (ii)shall for the purposes of section 14I of the Act to be treated as having been allowed to Banca Monte dei Paschi di Siena SpA Singapore Branch as a deduction under that section, subject to the conditions specified in the letter of approval dated 7th September 1996.