Clause 8

by deleting subsections (1) and (2) and substituting the following subsections:“(1) Subject to subsection (2A), the tax relief period of a development and expansion company shall commence on its commencement day and shall continue —

for such period not exceeding 10 years as the Minister may determine; and

for such further period or periods, not exceeding 5 years for each period, as the Minister may determine, where the Minister is satisfied that it is expedient in the public interest to do so and subject to such terms and conditions as he may impose.(2) Subject to subsection (2A), the Minister may, if he is satisfied that it is expedient in the public interest to do so and subject to such terms and conditions as he may impose, extend the tax relief period of a development and expansion company after the expiry of the total tax relief period in subsection (1) for such further period or periods, not exceeding 5 years at any one time, as he may determine.(2A) The total tax relief period of a development and expansion company under subsections (1) and (2) shall not in the aggregate exceed 20 years.(2B) Any tax relief period initially granted to a development and expansion company before the date of commencement of the Economic Expansion Incentives (Relief from Income Tax) (Amendment No. 2) Act 2004 which exceeds 10 years shall be deemed to have been granted under this section.”; and

by deleting the words “subsection (2)” in subsection (3) and substituting the words “subsections (1) and (2)”.