Clause 23

in subsection (1A)(a), delete “or” at the end;

in subsection (1A), replace paragraph (b) with —“(b)in the case of a Finance and Treasury Centre approved as such after 24 March 2016 and on or before 16 February 2024, 8%;

in the case of a Finance and Treasury Centre approved as such on or after 17 February 2024, 8% or 10%, as specified by the Minister or an authorised body to the company; or

in a case to which subsection (1B) applies, the substituted concessionary rate mentioned in that subsection but only for income derived from (and including) the date specified by the Minister or authorised body to the company for the application of that rate, which may be a date earlier than the notice mentioned in that subsection but not earlier than 1 January 2024.”; and

after subsection (1A), insert —“(1B) The Minister or an authorised body may, on or after 17 February 2024, on the Minister’s or authorised body’s own initiative or on the application of the company, by notice to the company substitute the concessionary rate of tax applicable to its approved Finance and Treasury Centre under subsection (1A)(b) or (c) with 8% or 10%, as the case may be.”.