Clause 43 — Income Tax (Amendment) Bill

(1)

Section 43G of the principal Act is amended —

(a)

by inserting the word “and” at the end of subsection (2)(a);

(b)

by deleting the word “; and” at the end of subsection (2)(b) and substituting a full‑stop;

(c)

by deleting paragraph (c) of subsection (2); and

(d)

by inserting, immediately after subsection (2), the following subsection:“(2A) The Minister or a person appointed by the Minister may, subject to such conditions as the Minister or person may impose, approve a Finance and Treasury Centre for a company for the purposes of this section.”.

(2)

Section 43N(4) of the principal Act is amended by deleting the definition of “financial sector incentive (standard tier) company” and substituting the following definition:“ “financial sector incentive (standard tier) company” means a company approved as such under section 43Q;”.

(3)

Section 43P of the principal Act is amended —

(a)

by inserting, immediately after subsection (1), the following subsections:“(1AA) Subject to the regulations under subsection (1), the income of an approved global trading company or approved qualifying company mentioned in that subsection —

(a)

is chargeable with tax at the rate of 5% if the company has been approved for that rate; or

(b)

is chargeable with tax at the rate of 10% if the company has been approved for that rate.(1AB) For the purposes of this section, the Minister or a person appointed by the Minister may, subject to such conditions as the Minister or person may impose, approve —

(a)

a global trading company as an approved global trading company; or (b)a qualifying company as an approved qualifying company.”;

(b)

by deleting subsection (2); and

(c)

by deleting the definition of “approved” in subsection (3).

(4)

Section 43Q of the principal Act is amended —

(a)

by deleting subsection (2) and substituting the following subsection:“(2) The Minister or a person appointed by the Minister may, subject to such conditions as the Minister or person may impose, approve a company carrying on such qualifying activities as may be prescribed, as a financial sector incentive company for the purposes of this section, and the Minister or person may approve different classes of financial sector incentive companies for the purposes of this section.”; and

(b)

by deleting subsection (3).

(5)

Section 43R of the principal Act is amended —

(a)

by deleting subsection (2) and substituting the following subsection:“(2) The Minister or a person appointed by the Minister may, subject to such conditions as the Minister or person may impose, approve a company as an approved company for the purposes of this section.”; and

(b)

by deleting subsection (5).

(6)

Section 43W of the principal Act is amended by deleting subsection (3) and substituting the following subsection:“(3) The Minister or a person appointed by the Minister may, subject to such conditions as the Minister or person may impose, approve a shipping investment manager as an approved shipping investment manager for the purposes of this section.”.

(7)

Section 43Y of the principal Act is amended —

(a)

by deleting subsection (2) and substituting the following subsection:“(2) The Minister or a person appointed by the Minister may, subject to such conditions as the Minister or person may impose, approve an aircraft leasing company as an approved aircraft leasing company for the purposes of this section.”; and

(b)

by deleting the definition of “approved” in subsection (7).

(8)

Section 43Z of the principal Act is amended by deleting subsection (3) and substituting the following subsection:“(3) The Minister or a person appointed by the Minister may, subject to such conditions as the Minister or person may impose, approve an aircraft investment manager as an approved aircraft investment manager for the purposes of this section.”.

(9)

Section 43ZB of the principal Act is amended by deleting subsection (3) and substituting the following subsection:“(3) The Minister or a person appointed by the Minister may, subject to such conditions as the Minister or person may impose, approve a container investment manager as an approved container investment manager for the purposes of this section.”.

(10)

Section 43ZC of the principal Act is amended —

(a)

by deleting subsection (3) and substituting the following subsection:“(3) The Minister or a person appointed by the Minister may, subject to such conditions as the Minister or person may impose, approve a company that is a direct insurance broker, general reinsurance broker or life reinsurance broker, as an approved insurance broker for the purposes of this section.”; and

(b)

by deleting the definition of “approved insurance broker” in subsection (5).

(11)

Section 43ZD of the principal Act is amended —

(a)

by deleting subsection (3) and substituting the following subsection:“(3) For the purposes of this section, the Minister or a person appointed by the Minister may, subject to such conditions as the Minister or person may impose —

(a)

approve a trustee‑manager of a qualifying registered business trust as an approved trustee‑manager; or

(b)

approve a fund management company as an approved fund management company.”; and

(b)

by deleting the definition of “approved” in subsection (5).