45I. Sections 45 and 45A not applicable to certain payments

at any time during the period from 17 February 2012 to 31 December 2026 (both dates inclusive) (called in this section the relevant period) under —

a contract which took effect before 17 February 2012;

a contract which was extended or renewed, where the extension or renewal took effect before 17 February 2012; or

a debt security which was issued before 17 February 2012;

under a contract which took effect on a date which falls within the relevant period;

under a contract which was extended or renewed where —

the extension or renewal took effect on a date which falls within the relevant period; and

the payment is made on or after the date on which such extension or renewal took effect; (ca)under a contract which was varied where —

the variation takes effect on a date which falls within the period from the date on which the Income Tax (Amendment) Act 2022 is published in the Gazette, to 31 December 2026 (both dates inclusive); and

the payment is made on or after the date the variation takes effect; or

under a debt security which was issued on a date which falls within the relevant period.

a bank or merchant bank licensed under the Banking Act 1970;

a finance company licensed under the Finance Companies Act 1967;

a person who —

holds a capital markets services licence under the Securities and Futures Act 2001 for dealing in capital markets products and advising on corporate finance;

is involved or will be involved in the underwriting of debt or equity issuances; and

has been approved before 17 February 2012 for the purposes of the Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) Notification 2012.

holds a capital markets services licence under the Securities and Futures Act 2001 for dealing in capital markets products and advising on corporate finance;

is involved or will be involved in the underwriting of debt or equity issuances; and

is approved for the purposes of this section, where the approval was given on a date (called in this subsection the approval date) within the relevant period by the Minister or an authorised body,if the payment is liable to be made —

at any time during the period from the approval date to 31 December 2026 (both dates inclusive) under —

a contract which took effect before the approval date;

a contract which was extended or renewed, where the extension or renewal took effect before the approval date; or

a debt security which was issued before the approval date;

at any time during the period from the date on which the Income Tax (Amendment) Act 2022 is published in the Gazette to 31 December 2026 (both dates inclusive) under a contract which was varied, where the variation takes effect on or after the date on which the Income Tax (Amendment) Act 2022 is published in the Gazette and before the approval date;

under a contract which took effect on a date which falls within the period from the approval date to 31 December 2026 (both dates inclusive);

under a contract which was extended or renewed where —

the extension or renewal took effect on a date which falls within the period from the approval date to 31 December 2026 (both dates inclusive); and

the payment is made on or after the date on which such extension or renewal takes effect; (fa)under a contract which was varied where —

the variation takes effect on a date which falls within the period from the date on which the Income Tax (Amendment) Act 2022 is published in the Gazette or the approval date (whichever is later) to 31 December 2026 (both dates inclusive); and

the payment is made on or after the date the variation takes effect; or

under a debt security which is issued on a date which falls within the period from the approval date to 31 December 2026 (both dates inclusive).