Clause 24

in subsection (1), replace “or 10%” with “, 10% or 15%”;

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

in subsection (1AA)(b), replace the full‑stop at the end with a semi‑colon;

in subsection (1AA), after paragraph (b), insert —“(c)is chargeable with tax at the rate of 15% if the company (being a global trading company approved on or after 17 February 2024) has been approved for that rate; or

in the case of an approved global trading company to which subsection (1AC) applies, is chargeable with tax at the substituted rate mentioned in that subsection but only for income derived from (and including) the date specified by the Minister or an 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 (1AB), insert —“(1AC) 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 approved global trading company, by notice to the company substitute the rate of tax applicable to the company under subsection (1AA)(a), (b) or (c) with 5%, 10% or 15%, as the case may be.”.