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Chapter VII · Amendment to the Finance (No. 2) Act 2023

197. Exclusion

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(1)

For the purpose of applying subsection 180(4)

to a Financial Year beginning in the calendar year of 2025 and subsequent calendar years until the calendar year of 2032, the amount of payroll carve-out for each Financial Year shall be computed according to the following rate:

Financial Year beginning in the following calendar year

Rate 2025 9.6%

2026 9.4%

2027 9.2%

2028 9.0%

2029 8.2%

2030 7.4%

2031 6.6%

2032 5.8%

(2)

For the purpose of applying subsection 180(5)

to a Financial Year beginning in the calendar year of 2025 and subsequent calendar years until the calendar year of 2032, the amount of tangible asset carve-out for each Financial Year shall be computed according to the following rate:

Financial Year beginning in the following calendar year

Rate 2025 7.6%

2026 7.4%

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Finance

Financial Year beginning in the following calendar year

Rate 2027 7.2%

2028 7.0%

2029 6.6%

2030 6.2%

2031 5.8%

2032 5.4%”;

(m)

in subparagraph 199(1)(a)(iv), by substituting for the word “paragraphs” the word “subparagraphs”;

(n)

in section 220—

(i)

in subsection (1), by substituting for the words

“subsection (2)” the words “subsection (3)”;

(ii)

in subsection (4), by substituting for the word

“Where” the words “Subject to subsection (6), where”; and

(iii)

in subsection (5), by substituting for the words

“subsection (7)” the words “subsection (6)”; and

(o)

by substituting for paragraph 239(b) the following paragraph:

“(b) section 138 shall apply to this Part and the reference to “the income of any person or partnership”

in the definition of “classified material” in subsection 138(5) shall be construed as a reference to “the tax of any Constituent Entity”; and”.

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