Clause 20

Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of 10% or such other concessionary rate shall be levied and paid for each year of assessment upon —

interest derived by any company from any qualifying debt securities; and

income derived by any financial institution from trading in any debt securities during the period from 28th February 1998 to 27th February 2003.(2) Regulations made under subsection (1) may provide for exemption from tax of income derived by any financial institution from arranging, underwriting or distributing any qualifying debt securities and for deduction of losses otherwise than in accordance with section 37(2).(3) In this section —“debt securities” means bonds, notes, commercial papers and certificates of deposits;“financial institution” and “qualifying debt securities” have the same meanings as in section 13(2A).Concessionary rate of tax for cyber trading43O.—

Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of 10% or such other concessionary rate shall be levied and paid for each year of assessment upon such income as the Minister may specify of an approved company derived by it from such qualifying electronic commerce transactions as may be prescribed.(2) Regulations made under subsection (1) may provide for the deduction of losses of an approved company otherwise than in accordance with section 37(2).”.