(1) Part 5 of the Principal Act is amended -
(a) in section 116 -
(i) by inserting the following after the definition of "business premises":
"'business use', in relation to the use of an asset by a person, means the use of that asset by the person in the performance of the duties of the person's office or employment;",
and
(ii) by inserting the following after the definition of "employment":
"'private use', in relation to an asset, means use of the asset other than business use.",
(b) in section 118 by substituting the following for subsection (5A) (inserted by the Finance Act 1999):
(a) Subsection (1) shall not apply to expense incurred by the body corporate in or in connection with the provision for a director or employee of a monthly or annual bus or railway pass issued by or on behalf of one or more approved transport providers for travel on either or both bus and railway.
(b) In this subsection -
'approved transport provider' means -
(a) Coras Iompair Éireann or any of its
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