S.I. No. 205/1999 - Taxes Consolidation Act, 1997 (Section 372L) (Commencement Order), 1999.

I, CHARLIE McCREEVY, Minister for Finance, in exercise of the powers conferred on me by section 372L of the Taxes Consolidation Act, 1997 (No. 39 of 1997), hereby direct as follows:

1. This Order may be cited as the Taxes Consolidation Act, 1997 (section 372L) (Commencement Order), 1999.

2. In this Order “the Act” means the Taxes Consolidation Act, 1997 (No. 39 of 1997).

3. In section 372L of the Act, “qualifying period” means, for the purposes of sections 372M and 372N of the Act, the period commencing on the 1st day of July, 1999, and ending on the 31st day of December, 2001.

EXPLANATORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

The Order defines the qualifying period for the purpose of the business tax incentives in the areas qualifying for the rural renewal scheme. The incentives consist of capital allowances for expenditure on the construction or refurbishment of certain industrial and commercial buildings and will be available initially in respect of expenditure incurred from 1 July, 1999 to 31 December, 2001. However, the termination date for the scheme will be extended to 31 December, 2002, by way of a legislative provision in the Finance Bill, 2000.