Clause 26

on or after the date of commencement of section 26 of the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act 2016, a company contravenes section 62(2) or any condition under section 61(3); and

the Minister is of the view that it is in the public interest to do so,the Minister may revoke the approval under section 61(3)(a).(3) In subsection (2), the approval to be revoked, in the case of a contravention of section 62(2), is the approval of those royalties, fees or contributions that are payable under the agreement or arrangement that is the subject of the contravention.(4) Where an approval of any royalties, fees or contributions is revoked under subsection (2), the amount of tax which, but for subsection (1), would have been deductible by the company from the royalties, fees or contributions paid by it to the non‑resident person under section 45A of the Income Tax Act —

is considered to have been deducted from the royalties, fees and contributions;

is a debt due from the company to the Government; and

is, with the prior sanction of the Minister, recoverable in the manner provided by section 89 of the Income Tax Act.(5) The Minister for Finance may waive all or a part of any debt due from a company under subsection (4), if the Minister for Finance is satisfied that the company did not knowingly or intentionally contravene —

section 62(2); or

the condition imposed under section 61(3),as the case may be.(6) A reference in subsections (2), (3) and (4) to an approval under section 61(3)(a) is, in the case of an approval given under section 61 before 24 February 2015, a reference to a certificate under that section as in force immediately before that date.”.