S.I. No. 176/1990 - Payment of Interest on Overpaid Tax Regulations, 1990.

1. These Regulations may be cited as the Payment of Interest on Overpaid Tax Regulations, 1990.

2. These Regulations shall come into operation on the 1st day of August, 1990.

3. The rate of 0.6 per cent is hereby prescribed for the purposes of

(

a

) paragraph (

a

) of the proviso to subsection (4) of

section 429

of the

Income Tax Act, 1967

(No. 6 of 1967), as amended by

section 114

of the

Finance Act, 1986

(No. 13 of 1986),

(

b

) subsection (4) of

section 30

of the

Finance Act, 1976

(No. 16 of 1976), as amended by the said section 114,

(

c

) subsection (2) of

section 107

of the

Finance Act, 1983

(No. 15 of 1983), as amended by the said section 114, and

(

d

) subsection (1) of section 46 of the Capital Acquisition Tax Act, 1976 (No. 8 of 1976), as amended by

section 109

of the

Finance Act, 1986

.

GIVEN under my Official Seal, this 13th day of July, 1990.

ALBERT REYNOLDS,

Minister for Finance.

EXPLANATORY NOTE.

The purpose of these Regulations is to reduce from 1% to 0.6% per month or part of a month, the rate of interest payable on overpayments of the following taxes: income tax, corporation tax, capital gains tax, residential property tax and capital acquisitions tax. The new rate applies from 1 August, 1990.

S.I. No. 176 of 1990.

PAYMENT OF INTEREST ON OVERPAID TAX REGULATIONS, 1990.

I, ALBERT REYNOLDS, Minister for Finance in exercise of the powers conferred on me by

section 429

of the

Income Tax Act, 1967

(No. 6 of 1967), as amended by

section 114

of the

Finance Act, 1986

(No. 13 of 1986),

section 30

of the

Finance Act, 1976

(No. 16 of 1976), as so amended,

section 107

of the

Finance Act, 1983

(No. 15 of 1983), as so amended and

section 46

of the

Capital Acquisitions Tax Act, 1976

(No. 8 of 1976), as amended by

section 109

of the

Finance Act, 1986

, hereby make the following Regulations