Finance Act, 1994

In short

This law, the Finance Act, 1994, primarily deals with various aspects of taxation in Ireland, including income tax, corporation tax, capital gains tax, customs and excise duties, value-added tax, and stamp duties. It introduces changes to existing tax provisions and establishes new schemes, particularly concerning urban renewal reliefs.

What it regulates

• Income Tax, Corporation Tax, and Capital Gains Tax.
• Customs and Excise duties, including specific duties on cigarettes, tobacco products, beer, spirits, cider, perry, wine, made wine, and hydrocarbons.
• Value-Added Tax (VAT) on the supply of goods and immovable goods.
• Stamp Duties on certain transactions.

Who it concerns

• Individuals subject to income tax and capital gains tax.
• Companies subject to corporation tax.
• Businesses and individuals involved in the production, sale, or consumption of goods subject to customs and excise duties or VAT.

Key points

• Amends provisions related to income tax exemptions, rates, and personal reliefs.
• Introduces new urban renewal reliefs, including accelerated capital allowances for certain industrial buildings and commercial premises.
• Establishes a system for excise duty on cigarettes to be paid by tax stamps.
• Modifies rules for Value-Added Tax, including who is liable for tax on certain supplies of immovable goods.