99Application of section 47M

99 Application of section 47M (1) Section 47M, as inserted by the amending Act, applies to a Licensee who is party to an agreement (an existing type 1 agreement) that: (a) was entered into with the Minister under section 47C before the commencement and remains in force on the commencement; and (b) relates to the conduct of an internet gaming business by the Licensee that would, after the commencement, be a type 1 business as defined in section 47A. (2) From the commencement, a provision of the existing type 1 agreement that requires the Licensee to pay tax is taken to require the Licensee to pay tax at the rate mentioned in section 47M(4).