This matter will be discussed further. It will need more examination. With regard to the two reports the Minister mentioned, one of my concerns about the Commission on Pensions, which, sadly, undermined the effectiveness of the proposals, is that its remit explicitly excluded examining the private pension tax relief. That was particularly unfortunate because one of the tasks of the Commission on Pensions was modelling how to pay for things. Some of its decisions include recommendations that I personally believe are…

I move recommendation No. 3: In page 103, between lines 30 and 31, to insert the following: "Report on Deferred Tax Assets 44. The Minister shall, within six months of the passing of this Act, lay before both Houses of the Oireachtas a report on the potential for restricting banks from utilising the deferred tax assets scheme.".

This is an issue I have raised in the past. I am merely raising it again. It is the issue of deferred tax assets. The Minister will be aware that Irish banks, for example, in 2017, one of the years for which I have figures, shaved €400 million from their tax bills by offsetting their losses from the financial crisis period against taxable profits. The shocking aspect of this is that these losses can be carried forward indefinitely in order to shield banks' current profits from tax. Effectively, we are looking at le…

I do not accept that only those who are paid more than €500,000 can, for example, complete regulatory compliance. If that is the case, we have a much larger problem.

The example given was about wanting to ensure regulatory compliance and so forth. It is good the Minister has clarified that is not the case. There are people who are able to fulfil these functions. The competitive market that was mentioned, involving other banks that do not employ many people in the State but are somehow based here, may relate to a different discussion we need to have in terms of the regulation of the financial sector in Ireland. The core point is the suggestion that we are asking in these recomme…

I thank the Minister for those clarifications. I will press the recommendations.

I move recommendation No. 4: In page 103, between lines 30 and 31, to insert the following: "Report on Deferred Tax Assets 44. The Minister shall, within 12 months of the passing of this Act, lay a report before both Houses of the Oireachtas outlining the potential for removing the qualification to utilise deferred tax assets from any bank which seeks to act on a removal of restrictions on pay or bonuses.".

I move recommendation No. 5: In page 108, between lines 29 and 30, to insert the following: "Report on Kerosene Subsidies 52. The Minister shall within 6 months of the passing of this Act publish a report outlining the amount of fossil fuel subsidies provided by the State, through tax relief or revenue forgone, in respect of jet kerosene."

The Government provided nearly €2.4 million in subsidies to the fossil fuel industry in 2019, which is more than 70% higher than the subsidies given in 2000. The allocation has been growing substantially. I focus in this recommendation on one aspect of fossil fuel subsidies, namely, the excise duty exemption for jet kerosene used in both domestic and international commercial aviation. The revenue forgone from that measure was €634 million in 2019. It dwarves some of the moneys being spent on things like promoting a…

It is important that the issue be examined in the round, not solely from the business perspective but also from the perspective of our carbon budget targets, which are one part of it, and also the State's general international obligations. There is the additional tax argument but also the idea of the tax exemption by which we are effectively subsidising something. There are strong arguments for additional taxation on kerosene fuel, moving in the opposite direction. It will be important that we do not end up arguing…

Yes.

I second Senator Sherlock's recommendation and also have a number of recommendations of my own in this group. When a new scheme is brought in, it is important that it is targeted as effectively as possible. Any new scheme comes with significant cost. Being responsible means that we target it as effectively as possible. I am concerned by those who are included and those who are excluded in respect of this new scheme. When we table these recommendations, it is because this is a new scheme being rolled out right now. …

I move recommendation No. 7: In page 242, between lines 36 and 37, to insert the following: "Reports 103. Within three months of the passing of this Act, the Minister shall lay a report before both Houses of the Oireachtas on the potential savings and benefits from excluding data centres from eligibility for the Temporary Business Energy Support Scheme.".

I move recommendation No. 8: In page 242, between lines 36 and 37, to insert the following: "Reports 103. Within three months of the passing of this Act, the Minister shall lay a report before both Houses of the Oireachtas on options for excluding companies with annual turnover of more than 20 million euro per annum from eligibility for the Temporary Business Energy Support Scheme.".

I move recommendation No. 9: In page 242, between lines 36 and 37, to insert the following: "Reports 103. Within three months of the passing of this Act, the Minister shall lay a report before both Houses of the Oireachtas on the cost and potential benefit of including charities and community and voluntary organisations in eligibility for the Temporary Business Energy Support Scheme.".

I move recommendation No. 10: In page 242, between lines 36 and 37, to insert the following: "Report on taxation and expenditure competence 103. The Minister shall, within 12 months of the passing of this Act, lay a report before both Houses of the Oireachtas outlining the potential for the transfer of certain taxation and expenditure competences from the Government to local authorities and the potential implications for such a transfer in respect of the delivery of public services, the responsiveness of taxation p…

Recommendation No. 10 proposes that within 12 months of the passing of the Bill, the Minister shall lay a report before the Houses of the Oireachtas examining the potential for the transfer of certain taxation and expenditure competencies from the Government to local authorities and the potential implications of such a transfer in respect of the delivery of public services, the responsiveness of the taxation policy to geographic-specific contexts and the potential benefit in strengthening local democracy and commun…

I join the Cathaoirleach in welcoming the Aylward family. In relation to this recommendation, the direct comparator is Dublin and our capital city certainly makes a point of going around comparing itself to San Francisco when it is seeking investment from many of the same kinds of companies that have a home in that US city. Many of us will have had the experience, which does not just apply to San Francisco, of visiting a city and paying a city tax when we stay in a hotel there. That is a standard charge that is app…

I look forward to the wider debate and I will not need to press the recommendation. I hope we have started the debate.

I move recommendation No. 11: In page 243, between lines 9 and 10, to insert the following: “Report on the extension of period for which properties must be in use as a dwelling under Vacant Homes Tax 106. The Minister shall, within six months of the passing of this Act, lay before both Houses of the Oireachtas a report reviewing the definition of vacancy to include any property which is in use as a dwelling for less than 90 days per year.”.