Singapore legislation
Regulation 2
of Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 4) Order 2000
Regulation 2
Declaration of provisions in accounts
It is hereby declared that under section 14I(3) of the Act, the provisions in the account of Bank Austria AG and Creditanstalt AG which have been transferred to Bank Austria Creditanstalt International AG —
(a)
shall not be deemed under section 14I(2)(b) of the Act to be trading receipts of Bank Austria AG and Creditanstalt AG; and
(b)
shall for the purposes of section 14I of the Act be treated as having been allowed to Bank Austria Creditanstalt International AG as a deduction under that section,subject to the conditions specified in the letter of approval dated 21st March 2000.