Clause 9

in subsection (1), replace “or specified in the letter of approval of the company” with “, specified in the letter of approval of the company, or specified from time to time by the Minister or an authorised body and either notified to the company or published in a manner that the Minister or authorised body reasonably believes will bring the conditions to the notice of the company”;

in subsection (1A), replace “Minister” with “Minister or an authorised body”;

after subsection (1A), insert —“(1B) The Minister or authorised body may at any time add, vary or delete a condition of an approval under subsection (1A), including (to avoid doubt) an approval given before the date of commencement of section 9(c) of the Income Tax (Amendment) Act 2024.(1C) Any addition, variation or deletion of a condition under subsection (1B) must be given to the approved company or published in a manner that the Minister or authorised body reasonably believes will bring the addition, variation or deletion to the attention of the approved company.”;

in subsection (2), replace “2024” with “2029”;

in subsection (7)(c), delete “and” at the end;

in subsection (7), after paragraph (c), insert —“(ca)provide for the revocation, or the suspension for a period specified by the Minister or authorised body, of an approval granted under subsection (1) (including one that is granted before the date of commencement of the regulations) for non‑compliance with a condition of the approval, and for any revocation to take effect from any date, including (if it is just and reasonable to do so) —

a date before the date of the non‑compliance with the condition; or

if the condition is to be complied with over a period of time, before the date of commencement of that period; and”; and

after subsection (7), insert —“(7A) To avoid doubt, where —

an exemption had been allowed under this section on the income of an approved company;

the exemption would not have been allowed had the company not been approved under subsection (1) on the date the income accrued to or was derived or received by the company; and

the approval is revoked under regulations made under subsection (7)(ca) with effect from or before that date,the Comptroller may make an assessment or additional assessment under section 74 on the company.(7B) Where the approval of a company under subsection (1) is suspended pursuant to regulations made under subsection (7)(ca), the company is treated as not an approved company during the period of suspension.”.