(1) In this section 'qualifying emoluments' means emoluments, other than emoluments in the form of a payment of money, which are -

(a) minor, as regards the amount or type of emolument involved, and

(b) irregular, as to the frequency in which or the times at which, the emoluments are provided.

(2) Subject to this section, the Revenue Commissioners may, on application in that behalf from an employer, enter into an agreement with the employer under which the employer shall account to them in accordance with the provisions of this section in respect of income tax in respect of qualifying emoluments for a year of assessment of one or more employees of the employer which the employer would otherwise have to account for in accordance with the other provisions of this Chapter and any regulations made under those provisions.