On the design and operation of auto-enrolment more generally, this was discussed at length by the Minister, Deputy Humphreys, when she was bringing this legislation through the Houses. In this Bill, we are simply putting in place the taxation provisions relating to the auto-enrolment system in line with the design set out by the Minister, Deputy Humphreys, and introduced in the legislation. It must be emphasised that the auto-enrolment funds will be the personal property of participants in the scheme rather than a …

Gabhaim buíochas leis an Leas-Cheann Comhairle. I wish to draw Deputies' attention to a minor typographical error that my Department has noted in the Bill on page 161, line 14. A reference has been inadvertently labelled “89A(ii) of (iii)” rather than the correct version of “89A(ii) or (iii)”. I seek to invoke Dáil Standing Order 196 to request that the Leas-Cheann Comhairle direct the Clerk to make a correction in the Bill so as to correct the reference to “89A(ii) or (iii)” in this location, if that can be agreed…

To speak about the amendment tabled, the specific wording proposed by the Deputies would have no effect if incorporated into the Finance Bill. For this reason, I cannot accept it. The proposed amendment is to section 1, which provides for the meaning of words in Part 1. Inserting a definition here does not change the meaning of words in the Taxes Consolidation Act 1997 and, as such, the proposed amendment does not change the operation of this Act. My officials followed up with the Deputies’ offices following receip…

An amendment has been made regarding the FSPO, as the Deputy is aware, in the context of what he has set out. The Government previously sought to correct this. I have set out the robust framework in place to protect people dealing with issues such as mortgage arrears. The CCMA forms part of the Central Bank’s consumer protection framework and is a central part of its overall mortgage arrears framework. I am talking about the present in the context of the FSPO’s powers. The CCMA must be complied with under the law. …

As the Deputy knows, the committee of which he is a member agreed to postpone the specific hearing on that to get legal advice. Everyone agrees there is a need to take action in the context of the FSPO and the amendment that is required and the Government has said that. That is why, what I have set out in the context of the CCMA, is the overall consumer protection code-----

-----and what we have said is that the legislation is waiting for a date from the committee.

I have set out the context on the CCMA, which is factually correct.

On the CCMA, it is correct.

I referenced the FSPO in the context of the appeal procedure and the fact they must inform borrowers of their right to refer the matter to them. That is the context in which I set out my remarks relating to the code of conduct and mortgage arrears. I have also set out that we agreed with the committee on the need to have an amendment and that was subject to legal advice. There was co-operation between the Government and the committee on that. That is what we sought to progress in the last period. The Government has…

That was my reference-----

For reference, I can set out what I stated, which related to the CCMA and the appeals procedure relating to it when it comes to borrowers referring the matter to them. We are on the record as saying what is required in the context of the amendment before the committee, where there is cross-party support for that.

This section of the Bill amends section 531AN of the Taxes Consolidation Act 1997 to give effect to the two changes to the universal social charge that were announced in budget 2025. First, the ceiling of the second rate of USC, that is, the 2% rate, will increase to take account of the increase in the national minimum wage. It is increasing by 80 cent per hour, that is, from €12.70 per hour to €13.50 per hour, with effect from 1 January 2025. This continues the Government's policy of ensuring full-time workers on …

When you take the progressivity of all these measures, the effective tax rate of someone on €25,000 has gone from 12.5% to 9.4% in five years. That is a low-income worker. Someone on €35,000 has gone from 17.1% to 14.4%. Someone on €40,000 has gone from 20.9% to 16%. Someone on €50,000 has gone from 26.4% to 20.6%. I can go on. It demonstrates the progressivity of all the tax changes we have made across a number of budgets. In budget 2025, the adjustments to personal tax credits of €125 will benefit a lot of low- a…

We went to the chamber of commerce.

Deputy McGrath asked about the previous manifesto. To be clear, we said the USC would be reduced from 4.5% to 3.5%. We reduced it from 4.5% to 3%, so we actually went further than we set out in the manifesto in 2020.

That is to be factual in reply to Deputy McGrath's question. On Deputy Doherty's question, I have set out my perspective on the three changes we have made around personal tax credits, USC and the standard rate. Even if we were to use the median, the CSO figures published today show it is €43,000 for 2023. It is likely to be higher in 2024 and higher again in 2025, so many of the workers the Deputy referred to will benefit from the change I have made in budget 2025. They will benefit from the standard rate being adj…

What about USC?

I acknowledge everyone who has spoken. There was a wide array of topics referred to and I will try to respond on some of them. On amendments numbers 2, 3 and 4, on the universal social charge, the Rural Independent Group has requested a report on the abolition of the charge for those earning less than €70,000 per annum and a report on abolishing the charge for all employees in the State. Deputy Boyd Barrett has requested a report on abolishing the USC and replacing it with a wealth tax. Deputies Doherty and Conway-…

Sorry?

We have set out the-----