Clause 40

by inserting, immediately after subsection (1B), the following subsections:“(1C) The Minister may, by rules made under section 7, substitute the rate in subsection (1)(a)(i), (ii) or (iii) with a higher or lower rate (including 0%) for any person or class of persons that is or are subject to that subsection, and subsection (1) applies to that person or class of persons accordingly.(1D) The rules mentioned in subsection (1C) may —

provide that the substitute rate applies only if such conditions as may be specified in the rules are satisfied; and

prescribe different substitute rates for different persons or classes of persons.”;

by deleting the words “bank or financial institution” in subsection (2)(a) and substituting the words “person or class of persons”;

by deleting the words “22% or 17% or the rate specified in section 43(3) or (3A)” in subsection (2)(b) and substituting the words “the rate in subsection (1)(a)(i), (ii) or (iii), or the rate prescribed by rules mentioned in subsection (1C) in substitution for that rate”; and

by inserting, immediately after the word “paid,” in subsection (4)(a), the words “or such other date as may be allowed under subsection (2)(a),”.