Clause 59

by deleting subsection (3) and substituting the following subsection:“(3) Subject to rules made under subsection (4), there shall be remitted the tax payable by any company —

for the year of assessment 2001, a sum equal to —

50% on every dollar of the first $25,500 of the specified tax payable by the company for that year of assessment; and

5% on every dollar exceeding $25,500 of the specified tax payable by the company for that year of assessment; and

for the year of assessment 2002, a sum equal to 5% of the specified tax payable by the company for that year of assessment,where the Comptroller is satisfied that the remission of tax would be beneficial to the company.”;

by deleting the words “year of assessment 1999” in the 2nd line of subsection (5) and substituting the words “year of assessment 2001 or 2002, as the case may be”; and

by deleting the words “that year of assessment” in the 4th line of subsection (5) and substituting the words “the year of assessment 2001 or 2002, as the case may be,”.