Finance Act, 1995

In short

This law, the Finance Act, 1995, primarily deals with various aspects of taxation in Ireland, including income tax, corporation tax, capital gains tax, and excise duties. It introduces amendments to existing tax provisions and establishes new reliefs and regulations across these areas.

What it regulates

• Income Tax, Corporation Tax, and Capital Gains Tax.
• Excise Duty on Tobacco Products and Vehicle Registration Tax.
• Powers of officers regarding detention, seizure, and forfeiture related to excise duties.
• Implementation of Council Directive No. 94/74/EC.

Who it concerns

• Individuals and corporations subject to income tax, corporation tax, and capital gains tax.
• Businesses and individuals involved with tobacco products and vehicles.
• The Office of the Attorney General and other governmental bodies responsible for tax administration.

Key points

• Amends provisions related to exemption from income tax and alters income tax rates.
• Introduces reliefs for fees paid to private colleges, service charges, and designated charities.
• Amends provisions concerning the taxation of certain benefits under Social Welfare Acts and certain savings and investments.
• Establishes new rules for excise duty on tobacco products, including the introduction of tax stamps, and grants powers for stopping, searching, detaining, and seizing goods and vehicles related to excise duties.