asked the Minister for Finance if he intends introducing a Consolidated Income Tax Act, 1987, as promised by the previous Government; and if he will make a statement on the matter.
Written Answers. - Consolidated Income Tax Act Proposal.
58.
As indicated to the Deputy in reply to a previous parliamentary question which he put down on this subject, a considerable amount of work would be involved in the consolidation of the Income Tax Act, 1967, and the related provisions of 26 subsequent Finance Acts (including the 1987 Bill when enacted). Ideally, the Capital Gains Tax Act, 1975, and later provisions relating to capital gains together with the Corporation Tax Act, 1976, should be included in a consolidation measure of this kind.
This undertaking would require the deployment of a substantial number of highly trained staff in the office of the Revenue Commissioners. The commissioners have informed me that because of the present heavy demands on staff resources they have been unable to allocate the necessary senior staff to this task on a full time basis. While some of the work has been completed it is unlikely that the original target date of 1987 for the introduction of a new consolidated Bill will now be met. The commissioners are, however, aware of the need for such consolidation and, within the constraints mentioned, are making every effort to have drafting work brought to a conclusion at an early date.