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Amendment of section 79B (matching of foreign currency assets with certain foreign currency share capital) of Principal Act.
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49.— (1) Section 79B of the Principal Act is amended—
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(a) in subsection (1)(a)—
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(i) in the definition of “foreign currency asset” by substituting “functional currency of the company” for “currency of the State”,
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(ii) by inserting the following after the definition of “foreign currency asset”:
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“ ‘ functional currency’ has the same meaning as in section 402;”,
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and
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(iii) in the definition of “relevant foreign currency liability” by substituting “functional currency of the company” for “currency of the State”,
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(b) in subsection (2) by substituting “functional currency of the company” for “currency of the State”, and
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(c) in subsection (3)—
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(i) by substituting “Where, in relation to an accounting period of a company, a foreign currency asset” for “Where in an accounting period a company disposes of a foreign currency asset which”, and
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(ii) by inserting “for that accounting period” after “income of the company”.
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(2) This section is deemed to have applied as on and from 1 January 2006.
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