Clause 3

by inserting, immediately after subsection (3), the following subsections:“(3A) Notwithstanding subsection (3) and subject to subsection (3B), 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 relevant development and expansion company (beyond the maximum total period allowed under subsection (3)) for such further period or periods, not exceeding l0 years at any one time, as he may determine.(3B) The total tax relief period of a relevant development and expansion company under subsections (1), (2) and (3A) shall not in the aggregate exceed 40 years.(3C) An extension of the tax relief period of a relevant development and expansion company under subsection (3A) shall only be granted during the period between 18th February 2008 and 17th February 2018 (both dates inclusive).(3D) In subsections (3A), (3B) and (3C), “relevant development and expansion company” means a development and expansion company which engages in one or more qualifying activities, and oversees, manages or controls the conduct of any activity on a regional or global basis.”;

by deleting the words “subsections (1) and (2)” in subsection (5) and substituting the words “subsection (1), (2) or (3A)”; and

by inserting, immediately after subsection (6), the following subsection:“(7) Notwithstanding anything in this section, the tax relief period of a development and expansion company that is deemed to be an approved company for the purposes of section 43ZF of the Income Tax Act (Cap. 134) under regulations made under that section, shall expire on 1st June 2011 and shall not be extended.”.