MINISTER FOR FINANCE, BRIAN COWEN, T.D.
Minister confirms start of Tax Relief Review
Public consultation process to begin shortly
Measures to be taken in Budget next December
The Minister for Finance, Mr. Brian Cowen T.D., confirmed today that his Department has advertised for external consultants to review certain tax incentive schemes. This follows an announcement in the Minister’s Budget 2005 statement on 1 December 2004 that his Department and the Office of the Revenue Commissioners will undertake a detailed review of certain tax incentive schemes and tax exemptions in 2005.
This will involve consultants evaluating the following incentive schemes:
Park and Ride
Third Level Buildings
Hotels and Holiday Cottages
Sports Injuries Clinics
Countrywide Refurbishment Scheme.
Tenders have been invited from suitably qualified consultants to undertake two separate studies in economic, fiscal and social terms, as necessary, of the impact, operation, effectiveness and cost of:
1. the tax incentive area-based renewal schemes i.e. the first four schemes on the list above and
2. the remaining property incentives i.e. the remaining schemes listed above.
The request for tenders was placed in the Official Journal of the European Union on 24 December 2004. Full details are available on the Government eTenders website www.etenders.gov.ie. A copy of the terms of reference for each study accompanies this press release.
The Minister also made it clear, as announced in the Budget, that the review will include a special public consultation process seeking submissions on measures that could be introduced to limit the extent to which the use of incentives by high-earners reduces their tax bill. The public consultation process will be advertised shortly.
The Minister said that he would welcome the views of public representatives, either individually or via the forum of the relevant Oireachtas Committees, and of the Social Partners in due course before final decisions are made on measures for the Budget next December.
The Minister also said that “I believe that this thorough and comprehensive review of the issues, and the consultation process, will provide an excellent resource for consideration by me regarding changes to be considered in this complex area in the context of the next Budget”.
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