Singapore legislation
Regulation 2
of Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 2) Order 2002
Regulation 2
Declaration of provisions in accounts
It is hereby declared that, subject to the conditions specified in the letter of approval dated 23rd July 2001, the provisions in the accounts of The Sakura Bank Limited Singapore Branch which have been transferred to Sumitomo Mitsui Banking Corporation Singapore Branch —
(a)
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of The Sakura Bank Limited Singapore Branch; and
(b)
shall for the purposes of section 14I of the Act be treated as having been allowed to Sumitomo Mitsui Banking Corporation Singapore Branch as a deduction under that section.