40. Amendment of Chapter 5 of Part 29 of Principal Act (taxation of companies engaged in knowledge development)
(1) Chapter 5 of Part 29 of the Principal Act is amended -
(a) in section 769I(5), by the substitution of "20 per cent" for "50 per cent",
(b) in section 769K -
(i) in subsection (2), by the substitution of "20 per cent" for "50 per cent" in each place where it occurs, and
(ii) in subsection (3), by the substitution of "125 per cent" for "200 per cent", and
(c) in section 769Q, by the substitution of "1 January 2027" for "1 January 2023".
(a) Paragraphs (a) and (b) of subsection (1) shall come into operation on such day (in this subsection referred to as the "appointed day") as the Minister for Finance may by order appoint and shall apply as respects accounting periods commencing on or after the appointed day.