Irish Finance Bill 2000 Offers New Tax Reliefs and Streamlines Tax Administration
Irish Finance Bill 2000 - Setting
the Agenda for the New Millennium Speaking at the launch
of the Finance Bill the Minister for Finance said "The Finance
Bill provisions and the Budget day changes will lead to a major
reduction in the tax burden on the ordinary taxpayer from 6 April
next. The major restructuring and reform of the tax system undertaken
by the Government in the first three Budgets combined will set
the agenda for the further development of the tax system to the
benefit of all taxpayers into the new millennium." The Minister pointed
to the following significant items in the Bill: The confirmation
of the £1 billion in personal tax reductions in the Budget
which will remove over 70,000 low paid taxpayers from the tax
net. The reduction in
income tax rates for nearly 1.2 million taxpayers in the State.
The introduction
of the £3,000 income tax allowance at the standard rate
for those families where one spouse is caring for children, the
aged or the handicapped. The significant widening
of the individual standard rate tax band cutting the percentage
of taxpayers on the top rate of income tax from 46% to 38%. The implementation
of a series of PAC DIRT recommendations in relation to the audit
powers of Revenue, the reporting by Revenue to the PAC on the
results of the DIRT look-back audit currently underway, and the
publication of details of the results of this look-back exercise.
The closure of tax
avoidance loopholes in a number of areas. Substantial reductions
in the burden of CAT on both business and family owned assets.
The introduction
of new or extended tax reliefs for donations to universities,
post graduate fees, donations to the State of heritage items,
and pension provisions. The closure of loopholes
in the 1983 legislation in relation to the publication of the
names of tax defaulters and a provision allowing Revenue to indicate
the reason for the default, e.g. whether published settlements
arise from particular inquiries, tribunals or company investigations.
The streamlining
of taxation provisions in the case of Dividend Withholding Tax,
RPT and CGT tax clearance procedures and the operation of Vehicle
Registration Tax and the introduction of consolidated tax billing
by Revenue. The Minister also
indicated that the full range of recommendations made by the PAC
in regard to DIRT is being actively pursued by a specially established
group in his Department. The Finance Bill measures are the first
results of this process. Full Press Release
http://www.irlgov.ie/finance/fb00mcc576.HTM
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