Finance Act 2006

In short

The Finance Act 2006 is a law that primarily deals with various aspects of taxation in Ireland, including income tax, corporation tax, capital gains tax, excise duties, value-added tax, stamp duties, and capital acquisitions tax. It introduces amendments to existing tax laws and establishes new provisions related to financial matters.

What it regulates

• Income Tax, Corporation Tax, and Capital Gains Tax
• Excise duties on various goods and services
• Value-Added Tax (VAT)
• Stamp duties and Capital Acquisitions Tax

Who it concerns

• Individuals subject to income tax, capital gains tax, and capital acquisitions tax.
• Companies subject to corporation tax and other financial regulations.
• Anyone involved in transactions subject to excise duties, VAT, or stamp duties.

Key points

• It amends the rate of charge for income tax and introduces personal tax credits.
• It provides for various capital allowances for different types of buildings and facilities, such as hotels, sports injuries clinics, and childcare facilities.
• It includes provisions for the implementation of Council Directive No. 2005/19/EC regarding companies of different Member States.
• It addresses the remission or repayment of vehicle registration tax for certain hybrid electric vehicles or flexible fuel vehicles.