Singapore legislation
Regulation 2
of Income Tax (Transfer of Undertaking by Bank or Finance Company) (No. 3) 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 24th April 2002, the provisions in the accounts of Four Seas Bank Limited which have been transferred to Overseas-Chinese Banking Corporation Limited —
(a)
shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Four Seas Bank Limited; and
(b)
shall for the purposes of section 14I of the Act be treated as having been allowed to Overseas-Chinese Banking Corporation Limited as a deduction under that section.