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Amendment of section 112B of Principal Act (granting of vouchers)
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7. (1) Section 112B of the Principal Act is amended, in subsection (1)—
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(a) by the substitution of the following definition for the definition of “qualifying incentive”:
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“‘qualifying incentive’ means a relevant incentive that is the first or the second relevant incentive given to an employee in a year of assessment where—
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(a) in the case of a first relevant incentive, the value does not exceed €1,000, and
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(b) in the case of a second relevant incentive, the cumulative value of the first and second relevant incentives does not exceed €1,000;”,
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(b) by the insertion of the following definition:
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“‘relevant incentive’ means either a voucher or a benefit that is given to an employee by his or her employer in a year of assessment where the following conditions are satisfied:
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(a) the voucher or the benefit does not form part of a salary sacrifice arrangement;
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(b) the voucher can only be used to purchase goods or services and cannot be redeemed, in full or in part, for cash;”,
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and
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(c) in the definition of “salary sacrifice arrangement”, by the substitution of “relevant incentive” for “qualifying incentive”.
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(2) Subsection (1) applies for the year of assessment 2022 and each subsequent year of assessment.
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