(1) Where, on or after the 1st day of January, 1992 -
(a) a company which is resident in the State transfers the whole or part of a trade which, immediately before the time of the transfer, it carried on in a Member State, other than the State, through a branch or agency to a company which is not resident in the State,
(b) the transfer includes the whole of the assets of the transferring company used for the purposes of the trade or the part of the trade or the whole of those assets other than cash, and
(c) the consideration for the transfer consists wholly or partly of the issue to the transferring company of securities in the receiving company,
then, tax specified in a relevant certificate given by the tax authorities of the Member State in which the trade was so carried on shall be treated, for the purposes of Part XXII of the Income Tax Act, 1967, as tax -
(i) payable under the law of that Member State, and
(ii) in respect of which credit may be allowed under a bilateral agree