21 November 2002

Publication of the Capital Acquisitions Tax Consolidation Bill, 2002

 

The Minister for Finance, Mr Charlie McCreevy TD, today, announced a further streamlining of tax legislation with the publication of the Capital Acquisitions Tax Consolidation Bill, 2002. This Bill will be debated shortly in the Dáil and it is intended that the legislation will be passed as quickly as possible.

This new Bill continues the very successful process of the ongoing modernisation of the tax code. In 1997, the Taxes Consolidation Act consolidated the direct tax legislation dealing with income tax, corporation tax and capital gains tax. In 1999, the Stamp Duties Consolidation Act consolidated the stamp duties legislation.

In addition, the Finance Act 1999 included the consolidation and modernisation of excise law on mineral oils and the Finance Act 2001 included the consolidation and modernisation of general excise law.

The Capital Acquisitions Tax Consolidation Bill, 2002 brings together all the capital acquisitions tax legislation which is contained in the Capital Acquisitions Tax Act 1976 and in provisions in subsequent Finance Acts amending and extending that Act. The Consolidation Bill has 120 sections and 3 Schedules. It runs to 118 pages and does not change existing legislation.

The initial consolidation work was done by the Revenue Commissioners and the Bill was prepared by the Office of the Attorney General. An initial draft of the Bill was made available for comment to the Law Society of Ireland, the Institute of Taxation in Ireland and the Consultative Committee of Accountancy Bodies – Ireland. In addition, the draft Bill was examined by two external referees. The consolidation will be welcomed by practitioners and taxpayers as well as by the Revenue Commissioners as a continuation of the consolidation process.

Ends

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