(1) Section 121 of the Principal Act is amended -

(a) in subsection (2)(b)(iv) by substituting "2022" for "2021",

(b) in subsection (2)(b)(vi) by substituting "2022" for "2021",

(c) in subsection (3) by inserting the following after paragraph (b):

"(c) This subsection is subject to subsection (4A) for the year of assessment 2023 and subsequent years.",

(d) in subsection (4), by inserting the following after paragraph (c):

"(d) This subsection is subject to subsection (4A) for the year of assessment 2023 and subsequent years.",

and

(e) by inserting the following after subsection (4):

"(4A)

(a) For the year of assessment 2023 and subsequent years, the cash equivalent of the benefit of a car shall be an amount determined by the formula -

Original market value x A

where -