Singapore legislation
Regulation 6
of Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2006
Regulation 6
Declaration of provisions in accounts of Industrial & Commercial Bank Ltd
It is hereby declared that, subject to the conditions specified in the letter of approval dated 9th October 2006, the provisions in the accounts of Industrial & Commercial Bank Ltd which have been transferred to United Overseas Bank Ltd —
(a)
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Industrial & Commercial Bank Ltd; and
(b)
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.