The Minister for Finance, Mr Charlie McCreevy, TD, published the Finance Bill 1999 today, Thursday 11 February, 1999. The Minister pointed out that the Bill gives effect to the tax measures which he announced on Budget Day and also to the tax changes he announced on 21 January in the preliminary list of Finance Bill measures.
The Minister drew attention to a number of further major proposals in the Bill which have been agreed by the Government and which are being announced today. These measures include the following:
The full details of all the Finance Bill proposals are set out in the Summary of Finance Bill Measures published today. In particular, Appendix A to the Summary lists the new Revenue powers proposed in the Bill, Appendix B sets out the package of measures to tackle IRNRs, and Appendix C sets out the proposed new pension rules in detail.
The Minister said that the 1999 Bill was one of the largest Finance Bills published in recent years. "It implements the £600m Budget tax package aimed at the lower paid; gives effect to the major fundamental change in personal taxation in this year's Budget - the move towards a full Tax Credits System; introduces significant new reliefs to help various categories of taxpayers; provides new reliefs to promote economic and rural development; equips Revenue with extra powers to combat tax evasion; and sets out the first major and substantial overhaul of pension tax rules in thirty years to provide individuals with a genuine choice and a greater say in their own pension arrangements." The Minister said that the Bill would begin its passage in the Dáil next week and, by law, had to be signed by the President by 2 April, 1999.
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