Finance Act, 2002

In short

This law, the Finance Act, 2002, primarily deals with various aspects of taxation in Ireland, including income tax, corporation tax, capital gains tax, excise duties, value-added tax, and stamp duties. It introduces new provisions and amends existing ones across these different tax categories.

What it regulates

• Income Tax, Corporation Tax, and Capital Gains Tax, including specific reliefs and amendments related to these taxes.
• Excise duties, with a focus on consolidating and modernising betting duties law, and other miscellaneous excise amendments.
• Value-Added Tax (VAT), covering amendments to various sections concerning its application and administration.
• Stamp Duties, specifically regarding the obligations of system-members.

Who it concerns

• Individuals and companies subject to income tax, corporation tax, or capital gains tax.
• Bookmakers and those involved in betting activities, as well as businesses dealing with other excisable goods like tobacco and mineral oil.
• Taxable persons and entities involved in the supply of goods and services subject to Value-Added Tax.

Key points

• It amends section 15 of the Principal Act regarding the rate of income tax charge.
• It introduces new provisions for "Tonnage tax" for corporations.
• It consolidates and modernises the law concerning betting duties, including Bookmaker's Licence Duty and Betting Duty.
• It amends section 11 of the Principal Act concerning rates of Value-Added Tax.