Clause 40
Amendment of section 43P
of Income Tax (Amendment) Bill
BillNot in forceProvision 40 of 52
Clause 40
Section 43P of the principal Act is amended —
(a)
by deleting the words “10% or such other concessionary rate” in subsection (1) and substituting the words “5% or 10%”; and
(b)
by inserting, immediately after subsection (1), the following subsection:“(1A) The concessionary rate of tax referred to in subsection (1) shall apply to an approved global trading company subject to such conditions as the Minister or such person as he may appoint may impose.”.