S.L. 123.74 Art. 4Interests and RoyaltiesDirective to have effect.

(1) The Directive 2003/49/EEC of the 3rd June, 2003

adoptedby the Council of the European Communities on a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States as amended by Council Directive 2004/76/EC of the 29th April, 2004 as regards the possibility for certain Member States to apply transitional provisions for the application of the common system of taxation applicable to interest and royalty payments made between associated companies of different Member States, hereinafter in this regulation referred to as the "Interest andRoyalties Directive", shall have effect in relation to the IncomeTax Acts.

(2) For the purposes of Article 3(b) of the Interest and