S.L. 123.219 Art. 9Maximum amount ofemolumentsthat may benefit under these rules.

When an individual exercises the option available under article 56(21) of the Act in respect of a year of assessment, the rate of fifteen percent (15%) shall apply on an amount of emoluments payable not exceeding seven million euro (€7,000,000). Any emoluments payable in excess of the said amount of seven million euro (€7,000,000) shall constitute remaining income for the purposes of paragraph (a) of the proviso to article 56(21) of the Act and consequently, the tax on such remaining income shall be calculated at the rates that would have been applicable to that remaining income had the option not been exercised.