Written answers
Tuesday, 5 July 2011
Department of Finance
Tax Code
9:00 pm
Mary Lou McDonald (Dublin Central, Sinn Fein)
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Question 79: To ask the Minister for Finance if he will provide a progress report on proposals to reduce tax expenditures as required under the terms of the EU-IMF programme. [18599/11]
Michael Noonan (Limerick City, Fine Gael)
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Budget and Finance Act 2011 introduced a range of measures which reduced tax expenditures. Principal amongst these were:
· Reduction of Income Tax credits, bands and exemption limits;
· Removal of various Stamp Duty reliefs and exemptions;
· Abolition of a scheme of accelerated capital allowances for farmers.
I have initiated a public consultation as part of an economic impact assessment of the potential effects of amending, curtailing or abolishing the legacy property-based tax reliefs. The results of this assessment will be considered in the context of Budget 2012.
Further measures may be considered also for inclusion in the Budget and Finance Bill. While initial preparation for these has already commenced, the Deputy will be aware it is not the policy of the Minister to comment in advance on any such initiatives.
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