Singapore legislation
Regulation 2
of Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 9) 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 KredietBank N.V. Singapore Branch which have been transferred to KBC Bank N.V. Singapore Branch —
(a)
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of KredietBank N.V. Singapore Branch; and
(b)
shall for the purposes of section 14I of the Act be treated as having been allowed to KBC Bank N.V. Singapore Branch as a deduction under that section,subject to the conditions specified in the letter of approval dated 20th July 2000.