Amendment of section 118 (benefits in kind: general charging provision) of Principal Act.

8.—Section 118 of the Principal Act is amended by substituting the following for subsection (5A):

“(5A) (a) Subsection (1) shall not apply to expense incurred by the body corporate in or in connection with the provision for a director or employee of a monthly or annual bus, railway or ferry travel pass issued by or on behalf of one or more approved transport providers.

(b) In this subsection—

‘approved transport provider’ means—

(a) Córas Iompair Éireann or any of its subsidiaries,

(b) a holder of a passenger licence granted under section 7 of the Road Transport Act 1932 ,

(c) a person who provides a passenger transport service under an arrangement entered into with Córas Iompair Éireann in accordance with section 13(1) of the Transport Act 1950 ,

(d) the Railway Procurement Agency or any of its subsidiaries,

(e) a person who has entered into an arrangement with the Railway Procurement Agency, in accordance with section 43(6) of the Transport (Railway Infrastructure) Act 2001 to operate a railway, or

(f) a person who provides a ferry service within the State, operating a vessel which holds a current valid—

(i) passenger ship safety certificate,

(ii) passenger boat licence, or

(iii) high-speed craft safety certificate,

issued by the Minister for Communications, Marine and Natural Resources;

‘railway pass’ includes a pass issued by a railway designated as a light railway or as a metro in a railway order made under section 43 of the Transport (Railway Infrastructure) Act 2001 .”.