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Amendment of section 817U of Principal Act (outbound payments defensive measures)
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46. (1) Section 817U of the Principal Act is amended—
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(a) in subsection (1)—
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(i) by the deletion of the definition of “foreign company charge”, and
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(ii) by the substitution of the following definition for the definition of “supplemental tax”:
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“ ‘supplemental tax’ means—
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(a) a qualified IIR,
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(b) a qualified UTPR,
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(c) a qualified domestic top-up tax, or
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(d) any other tax which is similar to any of the taxes referred to in paragraphs (a) to (c);”,
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and
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(b) in subsection (6), by the deletion of “, that is resident or situated in a different territory,”.
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(2) Subsection (1) shall have effect as respects a relevant payment, or a relevant distribution, both within the meaning of section 817U of the Principal Act, made on or after 1 January 2025.
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