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Amendment of Chapter 5 of Part 29 of Principal Act (taxation of companies engaged in knowledge development)
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40. (1) Chapter 5 of Part 29 of the Principal Act is amended—
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(a) in section 769I(5), by the substitution of “20 per cent” for “50 per cent”,
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(b) in section 769K—
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(i) in subsection (2), by the substitution of “20 per cent” for “50 per cent” in each place where it occurs, and
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(ii) in subsection (3), by the substitution of “125 per cent” for “200 per cent”,
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and
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(c) in section 769Q, by the substitution of “1 January 2027” for “1 January 2023”.
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(2) (a) Paragraphs (a) and (b) of subsection (1) shall come into operation on such day (in this subsection referred to as the “appointed day”) as the Minister for Finance may by order appoint and shall apply as respects accounting periods commencing on or after the appointed day.
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(b) Where an accounting period of a company commences before the appointed day and ends on or after the appointed day, it shall be divided into two parts, one commencing on the date on which the accounting period commences and ending on the day before the appointed day, the other commencing on the appointed day and ending on the date on which the accounting period ends, and both parts shall be treated, for the purposes of paragraph (a) as if they were separate accounting periods of the company.
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