Legislative Proposals Relating to the Excise Act and the Excise Act, 2001

1 (1) Section 170.2 of the Excise Act is amended by adding the following after subsection (2.1):
- Marginal note:Adjustment — 2024
  (2.2) In respect of the inflationary adjusted year that is 2024, the description of B in paragraph (2)(a) is deemed to be equal to 1.02.
- Marginal note:Adjustment — 2025
  (2.3) In respect of the inflationary adjusted year that is 2025, if the amount determined for B in paragraph (2)(a) without reference to this subsection is greater than 1.02, the description of B in that paragraph is deemed to be equal to 1.02.
(2) Subsection (1) is deemed to have come into force on April 1, 2024.

2 (1) Paragraphs 1(a) to (c) of Part II.1 of the schedule to the Act are amended by replacing the references to the percentage "10%" with references to the percentage "5%".
(2) Paragraphs 1(a) to (c) of Part II.1 of the schedule to the Act, as amended by subsection (1), are amended by replacing the references to the percentage "5%" with references to the percentage "10%".
(3) Subsection (1) is deemed to have come into force on April 1, 2024.
(4) Subsection (2) comes into force on April 1, 2026.

3 (1) Paragraphs 2(a) to (c) of Part II.1 of the schedule to the Act are amended by replacing the references to the percentage "20%" with references to the percentage "10%".
(2) Paragraphs 2(a) to (c) of Part II.1 of the schedule to the Act, as amended by subsection (1), are amended by replacing the references to the percentage "10%" with references to the percentage "20%".
(3) Subsection (1) is deemed to have come into force on April 1, 2024.
(4) Subsection (2) comes into force on April 1, 2026.

4 (1) Paragraphs 3(a) to (c) of Part II.1 of the schedule to the Act are amended by replacing the references to the percentage "40%" with references to the percentage "20%".
(2) Paragraphs 3(a) to (c) of Part II.1 of the schedule to the Act, as amended by subsection (1), are amended by replacing the references to the percentage "20%" with references to the percentage "40%".
(3) Subsection (1) is deemed to have come into force on April 1, 2024.
(4) Subsection (2) comes into force on April 1, 2026.

Excise Act, 2001

5 (1) Section 123.1 of the Excise Act, 2001 is amended by adding the following after subsection (2.1):
- Marginal note:Adjustment — 2024
  (2.2) In respect of the inflationary adjusted year that is 2024, the description of B in paragraph (2)(a) is deemed to be equal to 1.02.
- Marginal note:Adjustment — 2025
  (2.3) In respect of the inflationary adjusted year that is 2025, if the amount determined for B in paragraph (2)(a) without reference to this subsection is greater than 1.02, the description of B in that paragraph is deemed to be equal to 1.02.
(2) Subsection (1) is deemed to have come into force on April 1, 2024.

6 (1) Section 135.1 of the Act is amended by adding the following after subsection (2.1):
- Marginal note:Adjustment — 2024
  (2.2) In respect of the inflationary adjusted year that is 2024, the description of B in paragraph (2)(a) is deemed to be equal to 1.02.
- Marginal note:Adjustment — 2025
  (2.3) In respect of the inflationary adjusted year that is 2025, if the amount determined for B in paragraph (2)(a) without reference to this subsection is greater than 1.02, the description of B in that paragraph is deemed to be equal to 1.02.
(2) Subsection (1) is deemed to have come into force on April 1, 2024.