S.I. No. 176/1990:

PAYMENT OF INTEREST ON OVERPAID TAX REGULATIONS, 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:

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.