Clause 30
Amendment of section 43ZC
of Income Tax (Amendment) Bill
BillNot in forceProvision 30 of 53
Clause 30
Section 43ZC of the principal Act is amended —
(a)
by deleting subsection (1) and substituting the following subsection:“(1) Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of 5% or 10% shall be levied and paid for each year of assessment upon such income of an approved insurance broker as the Minister may specify that is derived by it on or after a prescribed date from the provision of such direct insurance broking, reinsurance broking or advisory services relating to the insurance sector as may be prescribed.”; and
(b)
by deleting the words “31st March 2013” in subsection (4) and substituting the words “31st March 2018”.