Clause 10

in subsections (1)(b), (1E) and (1F), replace “2025” with “2028”;

in subsection (1BB), replace “2025” with “2023”;

after subsection (1BB), insert —“(1BC) Subject to this section, for the purpose of ascertaining the income of a person carrying on a trade or business during the basis period for any year of assessment between the years of assessment 2024 and 2028 (both years inclusive), there is allowed in respect of all of the person’s trades and businesses, in addition to the deduction allowed under subsection (1), a deduction for qualifying intellectual property registration costs incurred during that basis period for the purposes of those trades and businesses, computed in accordance with the formulawhere A is the lower of the following:

the qualifying intellectual property registration costs incurred during that basis period; (b)$400,000.”;

in subsections (1E) and (1F), replace “and (1BB)” with “, (1BB) and (1BC)”; and

in subsections (1E), (1F), (2) and (5A), replace “or (1BB)” wherever it appears with “, (1BB) or (1BC)”.