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Exemption in respect of certain expense payments for relevant directors
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6. The Principal Act is amended by inserting the following section after section 195A:
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“Exemption in respect of certain expense payments for relevant directors
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195B. (1) In this section—
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‘company’ has the same meaning as it has in section 4;
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‘director’ has the same meaning as it has in section 770;
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‘expenses’ means vouched expenses;
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‘relevant director’, in relation to a company, means a director who is not resident in the State and is a non-executive director of that company;
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‘relevant meeting’ means a meeting attended by a relevant director in his or her capacity as a director for the purposes of the conduct of the affairs of the company;
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‘travel’ means travel by car, motorcycle, taxi, bus, rail, boat or aircraft.
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(2) This section applies to payments made by a company to or on behalf of a relevant director of that company in respect of expenses of travel and subsistence incurred by the relevant director, on and from 1 January 2016, solely for the purpose of the attendance by him or her at a relevant meeting.
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(3) So much of a payment to which this section applies shall be exempt from income tax and shall not be reckoned in computing income for the purposes of the Income Tax Acts.”.
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