Irish Finance Bill 2000 - Setting
the Agenda for the New Millennium
Mr Charlie McCreevy TD, Minister for Finance, announced the publication
today, 10 February 2000, of the Finance Bill 2000. The Bill runs
to 142 sections and implements the Budget measures announced in
December, together with further tax reliefs in a number of areas.
The Bill also gives effect to particular recommendations in relation
to DIRT made by PAC in their Report on the DIRT Enquiry published
in December, and confirms the many measures streamlining the administration
of the tax system announced by the Minister in the Preliminary
Finance Bill list on 21 January 2000.
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
Resources
Finance Bill 2000: http://www.irlgov.ie/finance/Finbill00.pdf
Explanatory Memorandum: http://www.irlgov.ie/finance/Finmem00.pdf
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