Minister for Finance
Finance Bill 2005
Bill to reduce Income Tax and Stamp Duties:
Remove the minimum wage from the Tax Net; Extend Revenue Powers to deal with major cases; and crack down on certain tax avoidance schemes
1. The Minister for Finance today (3 February 2005) published the annual Finance Bill which must be enacted by the Oireachtas by 1 April next. The Minister said he looked forward to piloting his first Finance Bill through the Dáil and Seanad.
2. The Minister pointed out that this year’s Bill contains a wide range of measures which will amend and extend the current tax code. In particular, the Bill will:-
3. The Minister said that he had sought to strike a balance in his first Finance Bill in combating tax evasion and avoidance and ensuring that the tax system recognised the needs and concerns of compliant taxpayers. He had also sought, where possible, to amend and re-focus the tax code to ensure that the tax system played a positive role in supporting economic development. “While the Bill amends or extends some limited tax reliefs, it does not prejudge or take away from the major review of tax reliefs underway this year for Budget 2006 as announced in the Budget”.
4. In relation to the Revenue Powers Group, the Minister indicated that those recommendations not implemented in this year’s Bill remained under active consideration in particular in conjunction with the examination of the Report of the Law Reform Commission on the operation of the revenue process which was published this week.
5. The Minister said that he was closing off particular tax loopholes in the VAT, income tax, capital acquisitions tax, stamp duty and life assurance areas. “This will re-assure taxpayers that all those liable to tax are required to pay their fair share”.
6. The Minister said that he looked forward to a good debate in the Oireachtas on the Bill and on the policy issues surrounding the tax system.
7. The appendix attached provides further details on the full list of Finance Bill measures.
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