(1) THAT subsection (5E) of section 118 of the Taxes Consolidation Act 1997 (No. 39 of 1997), providing for exemption from income tax of expenses incurred by a body corporate in connection with the payment of annual membership fees of a professional body on behalf of a director or employee, shall cease to have effect for the year of assessment 2011 and each subsequent year of assessment.

(2) IT is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act 1927 (No.7 of 1927).