Wide-ranging changes to tax code proposed in Finance Bill

The annual Finance Bill has proposed wide-ranging measures to change current tax codes.

It includes exempting the minimum wage from income tax and confirming the cut in stamp duty for first-time home buyers.

The contents of Brian Cowen's first Budget and Finance Bill will be fully enacted by April 1.

By then, minimum-wage earners will be out of the tax net completely, and stamp duty for first-time home buyers will have been reduced.

Administration for PAYE workers is to be speeded up to deal more quickly with tax payments and repayments.

Tax relief and other changes announced in the Budget will take effect and Revenue will receive extended powers to pursue tax evaders, including a new "aiding and abetting" offence to take proceedings against those helping others to evade paying tax.

A number of tax avoidance schemes will also be closed off.


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