Clause 4

by inserting, immediately after subsection (5), the following subsection: “(5A) In the case of a development and expansion company that is approved as such on or after the date the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act 2012 is published in the Gazette or which has been granted on or after that date an extension of its tax relief period, the concessionary rate of tax applicable to its expansion income that is derived by it at any time on or after the date of its approval or during the extension period (as the case may be), and during any of the following parts of its tax relief period (if applicable):

the beginning of the 11th year of the tax relief period to the end of the 15th year of, or the end of, the tax relief period, whichever is earlier;

the beginning of the 16th year of the tax relief period to the end of the 20th year of, or the end of, the tax relief period, whichever is earlier,shall be the rate specified by the Minister to the company, which shall not be less than(0.5 + A) %where Ais the concessionary rate of tax applicable to the company’s expansion income that is derived by it immediately before the commencement of that part of the tax relief period.”; and”(c)by deleting the words “which has been granted a tax relief period of at least 10 years is granted” in subsection (8) and substituting the words “which has been approved as such at any time before the date the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act 2012 is published in the Gazette, and has been granted a tax relief period of at least 10 years, is granted at any time before that date”.