S.L. 123.219 Art. 3Qualifying contracts and eligible offices.

(1) Income from a qualifying contract of employment shall qualify under these rules when it is received by a beneficiary and consists in income subject to tax under article 4(1)(b) of the Act, exclusive of the annual value of any fringe benefits, of a minimum of sixty-five thousand euro (€65,000) and consists of emoluments from an eligible office:

Provided that the said minimum of sixty-five thousand euro (€65,000) shall be adjusted by an increase of ten thousand euro (€10,000) every five (5) years with effect from the year subsequent to the year in which these rules come into force:

Provided further that where the minimum income specified under the legislation listed in paragraphs (a) to (e) of rule 12(1) was below sixty-five thousand euro (€65,000), the minimum amount of income referred to in this sub-rule shall be as follows:

(a) for the first year in which these rules come into force, the minimum amount shall be the amount applicable to that beneficiary specified in the rules listed in paragraphs (a) to

(e) of rule 12(1);

(b) for the second year in which these rules are in force, the minimum amount shall be the amount for the first year increased by ten thousand euro (€10,000); and

(c) for the third year in which these rules are in force, the minimum amount shall be the minimum amount referred to in sub-rule (1).

(2) A qualifying contract of employment shall be considered to be such if the employment activity contemplated in the contract of employment is an eligible office.

(3) The offices which are eligible for the reduced rate of tax are listed in the Schedules.