Brian Cowen (Laois-Offaly, Fianna Fail)

I announced in my Budget Statement that my Department and the Office of the Revenue Commissioners are undertaking a detailed review of certain tax incentive schemes and exemptions during the course of this year.

On 9 April I announced the award of two external consultancy contracts for the reviews. One consultancy firm is examining the area-based urban, town and rural renewal schemes and the living-over-the-shop schemes while another is examining various sectoral property tax incentive schemes, namely, multi-storey car parks, park and ride facilities, student accommodation, third-level buildings, hotels, holiday cottages, nursing homes, private hospitals, sports injury clinics, child care facilities and refurbishment of rented residential accommodation.

I made it clear at the time of the budget that the review will also involve the examination by my Department and the Revenue Commissioner of certain other tax reliefs and exemptions and specifically mentioned those of stallions, woodlands, artists and greyhounds. Others which I have decided should be looked at for the budget are the reliefs for interest on loans to invest in companies or partnerships, significant buildings and gardens, donations, patent income and certain pensions reliefs.

These reviews are scheduled to be completed in time to inform the development of the 2006 budget and Finance Bills. I am not in a position to indicate any likely publication date for these studies.

See this speech in context