Clause 32

by inserting, immediately after the word “derived” in paragraph (a), the words “before 1 July 2021”; and

by inserting, immediately after paragraph (aa), the following paragraph:“(ab)to provide for tax at the rate of 10% to be levied and paid for each year of assessment upon such income as the Minister may specify that is derived on or after 1 July 2021 by an approved insurer whose approval is granted before 1 June 2017, from —

the reinsurance of liabilities under policies relating to life business as defined in section 2(1)(a) of the Insurance Act; or (ii)such description of general business as defined in section 2(1)(b) of that Act, as may be prescribed;”.