Finance Bill published by McCreevy

The Minister for Finance, Charlie McCreevy, has published the Finance Bill 2004, which gives effect to the budget measures presented last December.

The Bill consists of 91 sections, which McCreevy has stated will sustain and expand employment within the economy.

Irish resident companies that dispose of shareholdings in subsidiaries will now become exempt from Capital Gains Tax (CGT) in a move designed to make Ireland more attractive to firms wishing to establish their headquarters and holding companies here.

All personal income tax changes, Value Added Tax and excise changes, the extension of tax relief for the Irish Film Industry until the end of 2008, and the extension of corporate tax relief for investment in renewable energy generation will become effective following the Bill's passing through the Dáil.

A spokeswoman said: "The publication of the report today allows a period for public debate and reflection on many of the wide-ranging issues raised by the recommendations. The minister will consider the various recommendations in the context of next year’s Finance Bill."