LY 9Orders in Council

1. The purpose of subsection (2) is to provide a power to maintain the intent of the research and development tax credit regime in accordance with its stated purpose in section LY 1(1).

2. The Governor-General may, by Order in Council made on the joint recommendation of the Minister of Revenue and the Minister of Research, Science, and Innovation,—

3. add the description of an activity or of an expenditure or loss, as applicable, to—
   1. schedule 21:
   2. schedule 21B:
4. remove the description of an activity or of an expenditure or loss, as applicable, from—
   1. schedule 21:
   2. schedule 21B.

5. Before making a recommendation referred to in subsection (2), the Ministers must be satisfied that—

6. they have consulted with persons they consider to be appropriate in light of the relevant addition or removal; and
7. they have had regard to—
   1. the purpose in section LY 1(1) and maintaining the intent of the definitions of research and development activity and eligible research and development expenditure; and
   2. the effect of the recommendation on the creation of new scientific or technological knowledge; and
   3. the fiscal impact of the recommendation.

8. An addition or removal by Order in Council under this section must apply for the income year corresponding to the tax year after the tax year in which it is made, and subsequent income years.

9. An Order in Council under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

10. An Order in Council under this section expires on the date that is 3 years after the last day of the tax year that the Order first applies for.