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Variation of rates of levy and suspension of levy.
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19.—(1) (a) Subject to paragraph (b) of this subsection, the Minister may by regulations vary the rate of levy and, where regulations under this subsection are in force, this Act shall have effect in accordance with the regulations.
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(b) A rate varied by regulations under this subsection shall take effect at the beginning of the contribution year next following that in which the regulations were made.
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(c) Regulations under this subsection shall not so vary the rate of levy specified in this Act that it exceeds the rate standing so specified upon the passing of this Act.
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(2) (a) The Minister may by regulations suspend payment of levy and where regulations under this subsection are in force, this Act shall have effect in accordance with the regulations.
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(b) Suspension of payment of levy by regulations under this subsection shall take effect at the beginning of the contribution year next following that in which the regulations were made.
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(3) Where regulations under this section are proposed to be made, a draft of the proposed regulations shall be laid before each House of the Oireachtas and the regulations shall not be made until a resolution approving of the draft has been passed by each such House.
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