Regulation 1
Citation
This Order may be cited as the Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2003.
/akn/sg/act/sub_leg/1947/ITA-S493-2003
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Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2003 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation ITA-S493-2003 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) (No. 2) Order 2003.
Declaration of provisions in accounts
It is hereby declared that, subject to the conditions specified in the letter of approval dated 10th October 2003, the provisions in the accounts of Bank Brussels Lambert Singapore Branch which have been transferred to ING Bank N.V. Singapore Branch —
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Bank Brussels Lambert Singapore Branch; and
shall for the purposes of section 14I of the Act be treated as having been allowed to ING Bank N.V. Singapore Branch as a deduction under that section.