Singapore legislation
Regulation 7
of Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2006
Regulation 7
Declaration of provisions in accounts of Overseas Union Trust 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 Overseas Union Trust 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 Overseas Union Trust 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.