The Principal Act is amended by inserting the following Part after Part 35B:

"Part 35C Implementation of Council Directive (EU) 2016/1164 of 12 July 2016 as regards hybrid mismatches

Chapter 1 Interpretation and general (Part 35C)

835Z. Interpretation (Part 35C)

 (1) In this Part -

'arrangement', other than in the definition of 'entity' and 'hybrid entity', means -

(a) any transaction, action, course of action, course of conduct, scheme, plan or proposal,

(b) any agreement, arrangement, understanding, promise or undertaking, whether express or implied and whether or not enforceable or intended to be enforceable by legal proceedings, and

(c) any series of or combination of the circumstances referred to in paragraphs (a) and (b),

whether entered into or arranged by one or two or more enterprises -

(i) whether acting in concert or not,

(ii) whether or not entered into or arranged wholly or partly outside the State, or

(iii) whether or not entered into or arranged as part of a larger arrangement or in conjunction with any other arrangement or arrangements,

but does not include an arrangement referred to in section 826;

'associated enterprise' shall be construed in accordance with section 835AA;