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  4. S.I. No. 431/2001 - Taxes Consolidation Act, 1997 (No. 39 of 1997) (Date For Payment of Tax) Order, 2001

S.I. No. 431/2001 - Taxes Consolidation Act, 1997 (No. 39 of 1997) (Date For Payment of Tax) Order, 2001

I, Charlie McCreevy, Minister for Finance, in exercise of the powers conferred on me by section 958 of the Taxes Consolidation Act, 1997 (No. 39 of 1997), as amended by section 78 (1)(f)(ii) of the Finance Act, 2001 (No. 7 of 2001), hereby make the following order:

1.      This Order may be cited as the Taxes Consolidation Act, 1997 (Date for Payment of Tax) Order 2001.

2.      For the purposes of section 958 of the Taxes Consolidation Act, 1997 (No. 39 of 1997), where the chargeable period of a company is an accounting period of the company ending in the period which begins on 21 June 2001 and ends on 30 June 2001, then 20 December 2001 is specified in relation to the company as the earlier day referred to in subsection (2)(b)(ii)(inserted by section 78 (1)(f)(ii) of the Finance Act, 2001 (No. 7 of 2001)) of that section 958 and, accordingly, preliminary tax appropriate to the chargeable period shall be due and payable by the company not later than 20 December 2001.

GIVEN under my Official Seal,

25 September 2001.

__________________

Charlie McCreevy

Minister for Finance.

EXPLANATORY NOTE

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

Preliminary corporation tax must be paid within six months after the end of a company's accounting period. Where that results in a payment date which is after the 28th of a month, payment must be made by the 28th of that month. Section 78(1)(f) of Finance Act, 2001 amended section 958 of the Taxes Consolidation Act, 1997 allowing the Minister for Finance to make an Order providing that preliminary corporation tax be paid on any earlier date in that month. This Order appoints the 20 December 2001 as the earlier date where a company's accounting period ends between the dates 21 to 30 June 2001. The Order enables the Minister for Finance to ensure that the Exchequer will receive the benefit of a preliminary tax payment within the month in which it is payable and that payments due in this year will be received in this year and accounted for as receipts of this year.