Clause 38

replace subsection (1) with —“(1) Despite section 43, the Minister may by regulations provide that tax at the rate specified in the first column of the following table, is to be levied and paid for each year of assessment upon such income as the Minister may specify that is derived on or after a prescribed date by an approved insurance broker set out opposite that rate in the second column of the table, from the provision of such direct insurance broking, reinsurance broking or advisory services relating to the insurance sector as may be prescribed:Tax rateApproved insurance broker10%An approved insurance broker whose approval is granted between 1 April 2008 and 18 February 2025 (both dates inclusive)10% or 15%An approved insurance broker whose approval is granted between 19 February 2025 and 31 December 2028 (both dates inclusive)”; and

after subsection (2), insert —“(2A) Regulations made under subsection (1) to provide for tax at the rate of 15% to be levied and paid for each year of assessment upon income mentioned in that provision may be made to take effect from (and including) 1 January 2025.”.