Clause 12

by deleting the words “approved investments” in subsections (1) and (4)(b) and the definition of “venture company” in subsection (18) and substituting in each case the words “authorised investments”;

by deleting the words “The exemption from tax of the income of an approved venture company” in subsection (2A) and substituting the words “For a venture company that is approved before 1 April 2020, the exemption from tax of the income of the company”;

by inserting, immediately after subsection (2B), the following subsections:“(2BA) For a venture company that is approved on or after 1 April 2020, the exemption from tax of the income of the company under regulations made under subsection (1) is for —

a period not exceeding 15 years as specified to the venture company by the Minister or a person appointed by the Minister; and

where the period mentioned in paragraph (a) is less than 15 years — any additional period or periods specified to the venture company by the Minister or a person appointed by the Minister.(2BB) The total period of exemption from tax of income of an approved venture company mentioned in subsection (2BA) must not exceed 15 years.”;

by deleting the words “1 April 2020” in subsection (2D) and substituting the words “1 January 2026”; and

by deleting the definition of “investments” in subsection (18) and substituting the following definition:“ “authorised investments” —

in relation to income derived by an approved venture company before 1 April 2020, means —

debentures, stocks, shares, bonds, notes or warrants issued by a government or company;

any right or option in respect of any debentures, stocks, shares, bonds, notes or warrants; or

units in any unit trust within the meaning of section 10B; or

in relation to income derived by an approved venture company on or after 1 April 2020, means investments prescribed by the Minister for the purpose of subsection (1);”.